Ferrovial, S. A. and Subsidiaries

2013 consolidated financial statements Ferrovial, S. A. and Subsidiaries Board of Directors 25 February 2014 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-1

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR 2013 AND 2012... 3 CONSOLIDATED INCOME STATEMENTS FOR 2013 AND 2012... 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR 2013 AND 2012... 5 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2013 AND 2012... 5 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2013 AND 2012... 6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR 2013... 7 1 COMPANY ACTIVITIES AND SCOPE OF CONSOLIDATION... 7 2 BASIS OF PRESENTATION AND ACCOUNTING POLICIES... 8 3 MANAGEMENT OF FINANCIAL RISKS AND CAPITAL... 14 4 SEGMENT REPORTING... 19 5 GOODWILL AND ACQUISITIONS... 24 6 INTANGIBLE ASSETS... 27 7 INVESTMENTS IN INFRASTRUCTURE PROJECTS... 27 8 PROPERTY, PLANT AND EQUIPMENT... 29 9 INVESTMENTS IN ASSOCIATES... 30 10 NON-CURRENT FINANCIAL ASSETS... 36 11 DERIVATIVE FINANCIAL INSTRUMENTS AT FAIR VALUE... 37 12 INVENTORIES... 40 13 TRADE AND OTHER RECEIVABLES... 41 14 EQUITY... 43 15 DEFERRED INCOME... 45 16 PENSION PLAN DEFICIT... 46 17 PROVISIONS... 47 18 NET CASH POSITION... 49 19 OTHER NON-CURRENT PAYABLES... 56 20 TRADE AND OTHER PAYABLES... 56 21 TAX MATTERS... 57 22 CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS... 60 23 IMPAIRMENT AND DISPOSALS OF NON-CURRENT ASSETS... 66 24 OPERATING INCOME... 67 25 STAFF COSTS... 68 26 FINANCIAL RESULT... 68 27 EARNINGS PER SHARE... 69 28 CASH FLOW... 70 29 REMUNERATION OF THE BOARD OF DIRECTORS... 71 30 SHARE-BASED PAYMENT... 75 31 RELATED PARTY TRANSACTIONS... 77 32 DIRECTORS OWNERSHIP INTERESTS IN AND POSITIONS OR FUNCTIONS AT COMPANIES ENGAGING IN AN ACTIVITY THAT IS IDENTICAL, SIMILAR OR COMPLEMENTARY TO THE COMPANY OBJECT OF FERROVIAL... 81 33 FEES PAID TO AUDITORS... 81 34 EVENTS AFTER THE REPORTING PERIOD... 82 35 COMMENTS ON APPENDICES... 82 36 EXPLANATION ADDED FOR TRANSLATION TO ENGLISH... 92 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-2

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 36). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR 2013 AND 2012 Assets (Millions of euros) Notes 2013 2012 Non-current assets 17,142 16,660 Goodwill 5 1,893 1,487 Intangible assets 6 229 116 Investments in infrastructure projects 7 7,639 6,755 Investment property 37 35 Property, plant and equipment 8 483 506 Investments in associates 9 3,562 4,322 Non-current financial assets 10 1,810 1,674 Accounts receivable relating to infrastructure projects 1,341 1,334 Available-for-sale financial assets 1 1 Restricted cash relating to infrastructure projects 317 148 Other receivables 152 192 Deferred tax assets 21 1,344 1,608 Non-current derivative financial instruments at fair value 11 144 158 Current assets 5,678 5,570 Assets classified as held for sale 2 2 Inventories 12 325 394 Trade and other receivables 13 2,202 2,198 Trade receivables for sales and services 1,635 1,642 Other receivables 470 436 Current tax assets 98 120 Cash and cash equivalents 18 3,130 2,967 Infrastructure projects 279 237 Restricted cash 41 25 Other cash and cash equivalents 238 212 Excluding infrastructure projects 2,851 2,730 Current derivative financial instruments at fair value 11 18 8 TOTAL ASSETS 22,820 22,230 Equity and liabilities (Millions of euros) Notes 2013 2012 Equity 14 6,074 5,780 Equity attributable to the equity holders 5,719 5,660 Equity attributable to non-controlling interests 355 121 Deferred income 15 503 356 Non-current liabilities 11,230 11,117 Pension plan deficit 16 107 105 Long-term provisions 17 1,350 1,166 Borrowings 18 7,496 6,996 Debt securities and bank borrowings of infrastructure projects 6,403 5,825 Debt securities and borrowings excluding infrastructure projects 1,093 1,171 Other payables 19 208 203 Deferred tax liabilities 21 1,117 1,080 Derivative financial instruments at fair value 11 952 1,567 Current liabilities 5,013 4,976 Borrowings 18 1,303 1,229 Debt securities and bank borrowings of infrastructure projects 1,228 1,168 Bank borrowings excluding infrastructure projects 75 61 Derivative financial instruments at fair value 11 67 65 Trade and other payables 20 3,254 3,267 Trade payables 2,665 2,645 Current tax liabilities 60 75 Other non-trade payables 528 547 Operating provisions and allowances 17 389 415 TOTAL EQUITY AND LIABILITIES 22,820 22,230 The intangible assets, property, plant and equipment and investment property used in infrastructure projects are included under Investments in Infrastructure Projects. The accompanying Notes 1 to 36 are an integral part of the consolidated statement of financial position at 31 December 2013. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-3

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 36). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED INCOME STATEMENTS FOR 2013 AND 2012 2013 2012 Before fair Fair value Before fair Fair value Millions of euros Total Total Notes value adjustments value adjustments 2013 2012 adjustments (*) adjustments (*) Revenue 8,166 0 8,166 7,630 0 7,630 Other operating income 10 0 10 17 0 17 Total operating income 24 8,176 0 8,176 7,647 0 7,647 Materials consumed 1,181 0 1,181 1,295 0 1,295 Staff costs 25 2,351 0 2,351 2,102 0 2,102 Other operating expenses 3,710 0 3,710 3,323 0 3,323 Total operating expenses 7,242 0 7,242 6,720 0 6,720 Gross profit from operations 934 0 934 927 0 927 Depreciation and amortisation charge 233 0 233 219 0 219 Profit from operations before impairment and non-current asset disposals 701 0 701 708 0 708 Impairment and non-current asset disposals 23 108 18 126 115-63 52 Profit from operations 809 18 827 823-63 760 Financial result on financing -337 0-337 -298 0-298 Result on derivatives and other financial results -7 7 0-6 2-4 Financial result of infrastructure projects -344 7-337 -304 2-302 Financial result on financing -53 0-53 -32 0-32 Result on derivatives and other financial results -15 72 57-13 46 33 Financial result excluding infrastructure projects -68 72 5-45 46 1 Financial result 26-412 79-333 -349 48-301 Share of profits of companies accounted for using the equity method 9 396-21 375 214 60 275 Consolidated profit before tax 793 76 869 688 45 733 Income tax 21-127 -41-168 -105 0-106 Consolidated profit from continuing operations 666 35 701 583 45 628 Net profit from discontinued operations 0 0 0 0 0 0 Consolidated profit for the year 666 35 701 583 45 628 Loss for the year attributable to non-controlling interests 22 5 26 60 3 64 Profit for the year attributable to the Parent 688 39 727 643 49 692 Net earnings per share attributable to the Parent 27 Basic 0.99 0.94 Diluted 0.99 0.94 (*) Relating to the gains or losses arising from changes in the fair value of derivatives and other financial assets and financial liabilities (see Note 11), asset impairment (see Note 23) and the impact of the fair value adjustments and asset impairment on Share of Profits of Companies Accounted for Using the Equity Method (see Note 9). The accompanying Notes 1 to 36 are an integral part of the consolidated income statement for 2013. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-4

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 36). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR 2013 AND 2012 Millions of euros 2013 2012 a) Consolidated profit for the year 701 628 Attributable to the Parent 727 692 Attributable to non-controlling interests -26-64 b) Income and expense recognised directly in equity -44-210 Fully consolidated companies 224-176 Impact on reserves of hedging instruments 499-100 Impact on reserves of defined benefit plans (*) -15-20 Translation differences -33-13 Tax effect -228-43 Companies accounted for using the equity method -267-33 Impact on reserves of hedging instruments 109-37 Impact on reserves of defined benefit plans (*) -25-112 Translation differences -311 92 Tax effect -40 24 c) Transfers to profit or loss 11-24 Fully consolidated companies -4-21 Companies accounted for using the equity method/discontinued operations 15-2 a+b+c) TOTAL COMPREHENSIVE INCOME 668 394 Attributable to the Parent 541 464 Attributable to non-controlling interests 127-70 The accompanying Notes 1 to 36 are an integral part of the consolidated statement of comprehensive income for 2013. (*) The impact on reserves of defined benefit plans is the only item of income and expense recognised directly in equity that cannot be reclassified subsequently to profit or loss (see Note 14). CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2013 AND 2012 Millions of euros Share capital Share premium Merger Treasury premium shares Valuation adjustments 2013 Retained earnings and other reserves Attributable to the equity holders Attributable to noncontrolling interests Total equity Balance at 31/12/12 147 1,202 1,638 0-866 3,539 5,660 121 5,780 Consolidated profit for the year 727 727-26 701 Income and expense recognised in equity -186-186 153-33 Total recognised income and expense 0 0 0 0-186 727 541 127 668 Dividends paid -183-293 -477-14 -491 Capital increases/reductions 0 0 116 116 Other transactions with shareholders -6-6 0-6 Transactions with shareholders 0 0-183 0 0-299 -483 103-380 Changes in the scope of consolidation 0 0 Other changes 0 0 5 5 Balance at 31/12/13 147 1,202 1,454 0-1,052 3,968 5,719 355 6,074 Millions of euros Share capital Share premium Merger Treasury premium shares Valuation adjustments 2012 Retained earnings and other reserves Attributable to the equity holders Attributable to noncontrolling interests Total equity Balance at 31/12/11 147 1,202 1,821 0-638 3,581 6,113 133 6,246 Consolidated profit for the year 692 692-64 628 Income and expense recognised in equity -228-228 -6-234 Total recognised income and expense 0 0 0 0-228 692 464-70 394 Dividends paid -183-734 -917-28 -945 Capital increases/reductions 0 0 0 125 125 Transactions with shareholders 0 0-183 0 0-734 -917 97-820 Changes in the scope of consolidation 0 0 0 Other changes 0 0 0-40 -40 Balance at 31/12/12 147 1,202 1,638 0-866 3,539 5,660 121 5,780 The accompanying Notes 1 to 36 are an integral part of the consolidated statement of changes in equity for 2013. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-5

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 36). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2013 AND 2012 Millions of euros Notes December 2013 December 2012 Net profit attributable to the Parent 727 692 Adjustments for 207 235 Non-controlling interests -26-64 Tax 168 106 Result of companies accounted for using the equity method -375-275 Financial result 333 301 Impairment and gains or losses on disposals of non-current assets -126-52 Depreciation and amortisation charge 233 219 Income taxes paid -82-50 Changes in receivables, payables and other -20-56 Dividends from infrastructure project companies received 465 363 Cash flows from operating activities 30 1,296 1,184 Investments in property, plant and equipment and intangible assets -96-118 Investments in infrastructure projects -704-798 Acquisitions of companies -507-33 Long-term restricted cash -169 242 Divestment of infrastructure projects 0 0 Divestment/Sale of companies 564 893 Cash flows from investing activities 30-912 186 Cash flows before financing activities 384 1,370 Capital proceeds from non-controlling interests 117 135 Dividends paid -525-827 Other changes in shareholders equity 0 0 Cash flows from shareholders and non-controlling interests -408-692 Interest paid -351-342 Interest received 21 24 Increase in borrowings 636 650 Decrease in borrowings -71-398 Change in borrowings held for sale 0 0 Cash flows from financing activities 30-173 -759 Change in cash and cash equivalents 18 212 612 Cash and cash equivalents at beginning of year 2,967 2,349 Cash and cash equivalents at end of year 3,130 2,967 Effect of foreign exchange rate changes on cash and cash equivalents 48-6 The accompanying Notes 1 to 36 are an integral part of the consolidated statement of cash flows for 2013. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-6

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 36). In the event of a discrepancy, the Spanish-language version prevails. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR 2013 1. Company activities and scope of consolidation. 1.1 Company activities: The consolidated Ferrovial Group ( Ferrovial ) comprises the Parent Ferrovial, S.A. and its subsidiaries, which are detailed in Appendix I. Its registered office is at calle Príncipe de Vergara 135, Madrid. Through these companies, Ferrovial engages in the following lines of business, which are its reporting segments pursuant to IFRS 8: -Construction: design and performance of all manner of public and private works, including most notably the construction of public infrastructure. -Services: maintenance and upkeep of infrastructure, facilities and buildings; waste collection and treatment; and rendering of other kinds of public services. -Toll roads: development, financing and operation of toll roads. -Airports: development, financing and operation of airports. For a more detailed description of the various areas of activity in which the consolidated Group conducts its business operations, please consult the Group's website: www.ferrovial.com. For the purpose of understanding these financial statements, it should be noted that a part of the activity carried on by the Group's business divisions consists of the performance of infrastructure projects, primarily in the toll road and airport areas, but also in the construction and services fields. These projects are conducted through long-term arrangements with public authorities under which the concession operator, in which the Group generally has an ownership interest together with other shareholders, finances the construction or upgrade of public infrastructure, mainly with borrowings secured by the cash flows from the project and with the shareholders' capital contributions, and subsequently maintains the infrastructure. The investment is recovered by means of the collection of tolls or regulated charges for the use of the infrastructure or through amounts paid by the grantor public authority based on the availability for use of the related asset. In most cases the construction and subsequent maintenance of the infrastructure is subcontracted by the concession operators to the Group's Construction and Services Divisions. From the accounting standpoint, most of these arrangements fall within the scope of application of IFRIC 12. Accordingly, and in order to aid understanding of the Group s financial performance, these financial statements present separately the impact of projects of this nature on both nonfinancial non-current assets ( Investments in Infrastructure Projects includes the property, plant and equipment, intangible assets and investment property assigned to these projects) and non-current financial assets and, mainly, the net cash position and the cash flow disclosures, in which the cash flows referred to as excluding infrastructure projects, which comprise the flows generated by the construction and services businesses, the dividends from the capital invested in infrastructure projects and investments in or divestments of the share capital of these projects, are presented separately from the cash flows of the infrastructure projects, which include the flows generated by the related concession operators. It is also important to highlight that two of the Group's main assets are its investments of 25% in Heathrow Airport Holdings (HAH) (31 December 2012: 33.65%), the company that owns Heathrow Airport in London (UK) and other airports in the UK, and of 43.23% in ETR 407, the concession operator of the ETR 407 toll road in Toronto (Canada), which have been accounted for using the equity method since 2011 and 2010, respectively. In order to provide detailed information on the two companies, Note 9 on investments in companies accounted for using the equity method includes information relating to the changes in the two companies' balance sheets and income statements, and this information is completed in other Notes with data considered to be of interest. 1.2 Changes in the scope of consolidation The most significant changes in relation to the companies fully consolidated in the scope of consolidation of Ferrovial in 2013 were as follows: a) Services Division: o On 21 February, Ferrovial Servicios reached an agreement with the international investor 3i to acquire Enterprise, one of the leading UK service providers to utilities and the public sector, for an enterprise value (share purchase price plus net debt acquired) of GBP 393 million (EUR 474 million). This transaction was subject to the approval of the European Commission, which was granted on 8 April, the date from which the financial statements of Enterprise were included in the scope of consolidation of the Ferrovial Group. Subsequent to that date, Ferrovial Servicios transferred its ownership interest in Enterprise to its subsidiary Amey, and the businesses of the two companies were integrated in the operations of the latter. o On 7 February Ferrovial Servicios completed the acquisition of 70% of Steel Ingeniería, a company specialising in the maintenance of mining facilities in Chile. The price for the acquisition of 70% of the shares was EUR 21 million, plus 100% of the debt of the company totalling EUR 8 million. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-7

Additionally, the buyer and seller crossed call and put options on the remaining 30% and, accordingly, the financial statements of this company were fully consolidated in the Ferrovial Group. o In March Amey concluded the sale to the Dutch investment fund DIF of 40% of the companies carrying out long-term PFI projects for GBP 37 million. Prior to this sale, Amey had an ownership interest of 50% which was accounted for using the equity method. Following the sale, the UK subsidiary of Ferrovial Servicios had an ownership interest of 10% and continued to operate the contracts. The gain on this sale amounted to EUR 20 million (see Note 23, Impairment and disposals of non-current assets). b) Construction Division: o On 2 December the Budimex Group sold Budimex Danwood Sp. z o.o. (a Polish manufacturer of prefabricated houses with timber frames) to the investment fund Enterprise Investors for PLN 238 million (EUR 57 million), giving rise to a gain for Ferrovial of EUR 27 million (see Note 23, Impairment and disposals of non-current assets). o On 4 January the Budimex Group acquired an additional stake in Elektromontaz Poznan (19.88%) for PLN 7 million. This additional percentage increased the total stake in this company to 50.66% and, therefore, it was fully consolidated in 2013. c) Airports Division: o On 24 October Ferrovial S.A., which had an indirect holding of 33.65% in Heathrow Airport Holdings Ltd (HAH, formerly BAA Airports Limited) reached an agreement with a wholly-owned subsidiary of the pension fund Universities Superannuation Scheme (USS) for the transfer of an ownership interest of 8.65% in FGP Topco Ltd (the parent of HAH) for GBP 392 million, giving rise to a gain of EUR 82 million for Ferrovial (see Note 23, Impairment and disposals of non-current assets). The transaction reduced Ferrovial S.A.'s indirect holding in HAH to 25%. Ferrovial is still the majority shareholder of FGP Topco Ltd and its only industrial partner. o In the first quarter of 2013 Heathrow Airport Holdings (HAH) completed the sale of Stansted Airport to Manchester Airports Group (MAG) for GBP 1,500 million, giving rise to a net gain for Ferrovial of EUR 137 million, which was recognised under Share of Profits of Companies Accounted for Using the Equity Method in the consolidated income statement (for more details, see Note 9, Investments in associates). 2. Basis of presentation and accounting policies 2.1. Basis of presentation The accompanying consolidated financial statements were obtained from the Company s accounting records and are presented in accordance with the regulatory financial reporting framework applicable to the Company and, accordingly, present fairly the Company s equity, financial position and results of operations. The regulatory framework consists of International Financial Reporting Standards (IFRSs), as established by Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002. 2.2. Materiality principle used for the purpose of the required disclosures It should also be noted that in preparing these consolidated financial statements the Group omitted any information or disclosures which, not requiring disclosure due to their qualitative importance, were considered not to be material in accordance with the concept of materiality defined in the IFRS Conceptual Framework. 2.3. New accounting standards 2.3.a) New standards and amendments adopted by the European Union mandatorily applicable in 2013 or applicable early on a voluntary basis The following table contains a summary of the new standards and amendments adopted by the European Union that are mandatorily applicable in 2013 and that had a significant impact on the Group's consolidated financial statements, as well as the standards adopted by the European Union that may be applied early on a voluntary basis: New standards and amendments Mandatorily applicable Mandatory application in annual reporting periods beginning on or after: IFRS 13 Fair Value Measurement 1 January 2013 Amendments to IAS 19 Applied early IFRS 10 Employee Benefits 1 January 2013 Consolidated Financial Statements 1 January 2014 (*) IFRS 11 Joint Arrangements 1 January 2014 (*) IFRS 12 Disclosure of Interests in Other Entities 1 January 2014 (*) IAS 27 (Revised) Separate Financial Statements 1 January 2014 (*) IAS 28 (Revised) Investments in Associates and Joint Ventures 1 January 2014 (*) (*) The effective date approved by the IASB for all these standards was 1 January 2013. However, the European Union has postponed their entry into force until 1 January 2014. Early application is permitted, provided they are applied en bloc. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-8

Following is a brief summary of the content of the aforementioned standards and amendments and of the effect of their application for Ferrovial: IFRS 13, Fair Value Measurement. This standard requires the credit risk of the parties to the related agreement be included in the measurement of derivatives. The impact of credit risk will be recognised in profit or loss, except when the derivatives qualify as effective hedges, in which case they will be recognised in reserves. The methodology used to measure the credit risk is described in Note 11, Derivative financial instruments at fair value. The impact of the first-time application of this standard on these consolidated financial statements amounted to EUR 52 million at the fully consolidated companies (EUR 48 million on reserves and EUR 4 million on the net profit, see Note 11, Derivative financial instruments at fair value) and to EUR 3 million at companies accounted for using the equity method (relating in full to reserves). Amendments to IAS 19, Employee Benefits. The main impact for the Group arises from the limitation on the return on plan assets, which will be calculated using the same interest rate as that used to discount plan liabilities. These amendments have been applied retrospectively in accordance with IAS 8 and the comparative figures for 2012 have been restated. These amendments had an impact of EUR -17 million on the comparative consolidated income statement for 2012 (EUR -7 million relating to HAH, based on the percentage of ownership of Ferrovial, and EUR -10 million relating to Amey). IFRS 10, Consolidated Financial Statements (and amendments to IAS 27). This standard introduces a new definition of control, establishing additional indicators, such as, among others, potential voting rights, dispersion of non-controlling interests, dependence of the investee on the investor to fund a significant portion of its operations or an investor's greater exposure to variability of returns from its involvement with an investee. As a result, management is required to apply its judgement in each specific case, which might affect the determination of the scope of consolidation. IFRS 11, Joint Arrangements (and amendments to IAS 28, Investments in Associates and Joint Ventures). This IFRS distinguishes between two types of joint arrangement: joint operations and joint ventures. Proportionate consolidation is confined to joint operations, with requirements being established for an arrangement to be classified as such (the joint operators assume the risks and are liable, in the first instance, for the commitments of the arrangement, and have rights to the economic benefits of the arrangement). IFRS 12, Disclosure of Interests in Other Entities. This IFRS groups together in a single standard the disclosure requirements previously contained in IAS 27, IAS 28 and IAS 31. It introduces additional disclosure requirements, such as the reasons for a company's inclusion in or exclusion from the scope of consolidation. The voluntary early application of the aforementioned package of consolidation standards had an impact on the method used to account for certain arrangements of Amey in the UK which had previously been proportionately consolidated and now, under the new IFRS 11, are accounted for as joint ventures using the equity method. This standard was applied retrospectively in accordance with IAS 8 and the comparative figures for 2012 were restated. The impact of these changes totalled EUR -6 million in total assets in the comparative consolidated statement of financial position for 2012 and EUR - 1 million in the share of profits of companies accounted for using the equity method in 2012 (effect of EUR +1 million on the profit from operations). Under IAS 1, an entity must present a third statement of financial position as at the beginning of the preceding period if: (a) it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or reclassifies items in its financial statements; and (b) the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period. In view of the scant materiality of the effects of the retrospective application of the aforementioned standards, the Group did not prepare a third statement of financial position. 2.3.b) New standards, amendments and interpretations mandatorily applicable in annual reporting periods subsequent to 2013: Following is a description of the standards, amendments and interpretations approved by the IASB but not yet approved by the European Union or approved by the European Union but not mandatorily applicable until 2014: New standards, amendments and interpretations Approved for use in the EU Amendments to IAS 32 Amendments to IFRS 10, IFRS 12 and IAS 27 Amendments to IAS 36 Amendments to IAS 39 Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities Mandatory application in annual reporting periods beginning on or after: 1 January 2014 Investment Entities 1 January 2014 Recoverable Amount Disclosures for Non-Financial Assets Novation of Derivatives and Continuation of Hedge Accounting Not yet approved for use in the EU IFRS 9 Financial Instruments: Phase 1 Classification and Measurement of Financial Assets and Financial Liabilities Phase 3 Hedge Accounting Amendments to IAS 19 Defined Benefit Plans: Employee Contributions 1 January 2014 1 January 2014 Not specified (*) 1 July 2014 IFRIC 21 Levies 1 January 2014 (*) The IASB has postponed the effective date of obligatory application of IFRS 9, planned for 1 January 2015, delaying the decision regarding the new obligatory effective date until the remaining phases of the standard (Phase 2, Impairment Methodology, and amendments to Phase 1, Classification and Measurement of Financial Assets and Financial Liabilities) have been published. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-9

At the date of preparation of these consolidated financial statements, Group management was assessing the impact that the application of these standards, amendments and interpretations might have on the Group's consolidated financial statements. In principle, it is considered that the only standards that might have an impact for the Group are: - Firstly, although there is no set date for the mandatory application of IFRS 9, Financial Instruments, the Group considers that Phase 3, Hedge Accounting may have an impact on its consolidated financial statements, due mainly to the extension of hedge accounting to risk components of both financial instruments and non-financial instruments, provided that the component can be identified separately and measured reliably, which may make it possible for components such as inflation to be designated as hedged items. - Secondly, the amendments to IFRS 10 regulating investment entities, since if any Group company were classified as such it would cease to consolidate the entities controlled by it or over which it exercises significant influence, and the investments in such entities would be measured at fair value. 2.4 Basis of consolidation In 2013 and 2012 the reporting dates of the separate financial statements of all the companies included in the scope of consolidation were either the same as, or were temporarily brought into line with, that of the Parent. As indicated in Note 2.1 above, the consolidated Group applied the consolidation criteria in accordance with IFRSs as adopted by the European Union (EU-IFRSs). In this connection, set forth below is a detail of only those consolidation criteria adopted by the consolidated Group in preparing these financial statements with respect to which there is an option permitted by IFRSs or, as the case may be, on the basis of the specific nature of the industry in which it operates: - The contracts that are undertaken through unincorporated temporary joint ventures (UTEs) or similar entities that meet the IFRS 11 requirements for being classified as joint operations are proportionately consolidated. It is considered that, in these cases of joint control, the venturers have direct control over the assets, liabilities, income and expenses, and joint and several responsibility for the commitments, of these entities. Operations of this nature contributed to the consolidated Group assets, profits and sales of EUR 589 million, EUR 60 million and EUR 885 million, respectively, in 2013 (2012: EUR 511 million, EUR 87 million and EUR 969 million, respectively). - The companies over which Ferrovial, S.A. exercises joint control but which do not meet the requirements in IFRS 11 for being classified as joint operations are accounted for using the equity method. In these cases, the Company considers that the equity method is the method that best ensures fair presentation, since in these cases of joint control the Company does not control the assets or have any present commitment with respect to the liabilities of the investee, but rather only effectively controls the ownership interest in the entity. - Intra-Group balances and transactions are eliminated on consolidation. However, the transactions recognised in the income statement in relation to construction contracts performed by the Construction Division for infrastructure project concession operators are not eliminated on consolidation, since contracts of this kind are treated as construction contracts under which the Group performs work for the concession grantor or regulator in exchange for the right to operate the infrastructure under the terms pre-established by the grantor or regulator. The grantor or regulator thus controls the asset from inception and grants the above-mentioned right in exchange for the work performed, and, therefore, the conclusion may be reached that at Group level the work is performed for third parties. This is in line with IFRIC 12. The nonelimination of these transactions had an impact of EUR 40 million on the income statement. The detail of the transactions not eliminated on the basis of the foregoing is shown in Note 31, Related party transactions. Appendix I contains a list of subsidiaries and associates. 2.5 Accounting policies applied to each item in the consolidated statement of financial position and consolidated income statement In line with the disclosures in Note 2.4 above, set forth below is a detail of only those accounting policies adopted by the consolidated Group in preparing these financial statements with respect to which there is an option permitted by IFRSs or, as the case may be, on the basis of the specific nature of the industry in which it operates: 2.5.1 Property, plant and equipment, investment property and intangible assets - Subsequent to initial recognition, the items included under Intangible Assets, Investment Property and Property, Plant and Equipment are measured at cost less any accumulated depreciation or amortisation and any accumulated impairment losses. The Group does not apply, therefore, the fair value alternative for measuring property, plant and equipment and investment property. - The Group uses the straight-line method to calculate the depreciation and amortisation charge for the assets included under Intangible Assets, Investment Property and Property, Plant and Equipment, except in the case of certain machinery in the construction business, which is depreciated using the diminishing balance method. The consolidated companies depreciate their various items of property, plant and equipment basically within the Ferrovial, S.A. Consolidated financial statements at 31 December 2013-10

following ranges of years of useful life: Years of useful life Buildings and other structures 10-50 Machinery, fixtures and tools 2-25 Furniture 2-15 Transport equipment 3-20 Other items of property, plant and equipment 2-20 2.5.2 Investments in infrastructure projects This line item includes the investments in infrastructure made by infrastructure concession operators within the scope of IFRIC 12 (mainly toll roads), for which the intangible asset model is applied and the remuneration for which consists of the right to collect the related charges based on the level of usage of the public service. The assets acquired by the concession operator to provide the concession services but which do not form part of the infrastructure (vehicles, furniture, computer hardware, etc.) are not included in this line item because they are not returned to the concession grantor. Assets of this nature are classified under Property, Plant and Equipment and are depreciated over their useful life, using a method that reflects their economic use. IFRIC 12 - Intangible asset model All initial investments relating to the infrastructure that is subsequently returned to the grantor, including compulsory purchase costs and borrowing costs capitalised during construction, are amortised on the basis of the expected pattern of consumption applicable in each case (e.g., forecast vehicle numbers in the case of toll roads) over the term of the concession. The investments contractually agreed on at the start of the concession on a final and irrevocable basis to be made at a later date during the term of the concession, and provided they are not investments made to upgrade infrastructure, are considered to be initial investments. For investments of this nature, an asset and an initial provision are recognised for the present value of the future investment, applying a discount rate to calculate the present value that is equal to the cost of the borrowings associated with the project. The asset is amortised based on the pattern of consumption over the entire term of the concession and the provision is increased by the related interest cost during the period until the investment is made. Where a payment is made to the grantor to obtain the right to operate the concession, this amount is also amortised based on the pattern of consumption over the concession term. A provision is recognised systematically for replacement investments over the period in which the related commitments accrue, which must have been set up in full by the time the replacement becomes operational. The provision is recognised on the basis of the pattern of consumption over the period in which the commitment arises, on a time proportion basis. Infrastructure upgrade investments are those that increase the infrastructure's capacity to generate revenue or reduce its costs. In the case of investments that will be recovered over the concession term, since the upgrade investments increase the capacity of the infrastructure, they are treated as an extension of the right granted and, therefore, they are recognised in the consolidated statement of financial position when they come into service. They are amortised as from the date on which they come into service based on the difference in the pattern of consumption arising from the increase in capacity. However, if, on the basis of the terms and conditions of the concession, these investments will not be offset by the possibility of obtaining increased revenue from the date on which they are made, a provision is recognised for the best estimate of the present value of the cash outflow required to settle the commitments related to the investment that will not be offset by the possibility of obtaining increased revenue from the date on which the investments are made. The balancing item is a higher acquisition cost of the intangible asset. In the case of the proportional part of the upgrade or increase in capacity that is expected to be recovered through the generation of increased future revenue, the general accounting treatment used for investments that will be recovered in the concession term will be applied. The main assumptions used in relation to these arrangements correspond to vehicle number and replacement investment estimates, which are updated each year by technical departments. Set forth below is a detail of the main toll road concessions in force to which the intangible asset model is applied, showing their duration, their status and the accounting method applied: Toll road concessions accounted for using the intangible asset model: Concession operator Country Concession term (years) Status First year of concession (*) Skyway Concession Co. US 99 Operation 2005 SH 130 Concession Co. US 50 Operation 2012 North Tarrant Express US 52 Construction 2009 North Tarrant Express Extension (1) US 43 Construction 2013 LBJ Express (2) US 52 Construction 2009 M-203 Alcalá O'Donnell Spain 30 Operation 2005 Autopista Madrid Sur Spain 65 Operation 2000 Autopista Madrid-Levante Spain 36 Operation 2004 Autopista del Sol Spain 55 Operation 1996 Euroscut Algarve Portugal 30 Operation 2000 Euroscut Azores Portugal 30 Operation 2006 Eurolink Motorway Operations Ireland 30 Operation 2003 Indiana Toll Roads US 75 Operation 2006 Nea Odos Greece 30 Operation 2007 Central Greece Greece 30 Operation 2008 Accounting method Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Equity method Equity method Equity method (*) First year of the concession (if in operation) or year of commencement of construction (if at the construction phase). (1) The concession term is 43 years from the commencement of operation services, scheduled for 2018. (2) The concession term is the shorter of 50 years of operation and 52 years from the contract execution date. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-11

Other concession arrangements accounted for using the intangible asset model: In addition to the toll road concessions shown in the foregoing table, there are other arrangements to which the IFRIC 12 intangible asset model is applied, including most notably a concession of the Services Division held through Autovía de Aragón Sociedad Concesionaria S.A. for the rehabilitation and subsequent maintenance of a stretch of the Nacional II road in Spain, as well as various waste treatment plants of the Services Division and water treatment plants of the Construction Division. 2.5.3 Accounts receivable relating to infrastructure projects - IFRIC 12 This line item includes the service concession arrangements related to infrastructure in which the consideration consists of an unconditional contractual right to receive cash or another financial asset, either because the grantor guarantees to pay the operator specified or determinable amounts or because it guarantees to pay the operator the shortfall between amounts received from users of the public service and specified or determinable amounts. Therefore, these are concession arrangements in which demand risk is borne in full by the grantor. In these cases, the amount due from the grantor is accounted for as a loan or receivable in assets in the consolidated statement of financial position. To calculate the amount due from the grantor, the value of the construction, operation and/or maintenance services provided and the interest implicit in arrangements of this nature are taken into consideration. Revenue from the services (mainly construction and maintenance) provided in each period increases the amount of the related receivables with a credit to sales. The interest on the consideration for the services provided also increases the amount of the receivables with a credit to sales. Amounts received from the grantor reduce the total receivable with a charge to cash. This interest is accounted for in accordance with IAS 18, Revenue. Under IAS 18, revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity. In this regard, it can be considered that the interest income from concessions of this type should be classified as revenue, since it forms part of the ordinary concession activity and is earned on a regular and periodic basis. At 31 December 2013, the interest recognised as revenue amounted to EUR 149 million (31 December 2012: EUR 144 million). Also, the borrowing costs associated with the financing of concessions to which the financial asset model is applied amounted to EUR 74 million in 2013 (2012: EUR 79 million). Set forth below is a detail of the main toll road concessions in force to which the financial asset model is applied, showing their duration, their status and the accounting method applied: Toll road concessions accounted for using the financial asset model: Concession operator Autopista Terrasa Manresa Auto-Estradas Norte Litoral Country Concession term (years) Status First year of concession (*) Spain 50 Operation 1986 Spain 30 Operation 2001 Eurolink M3 Ireland 30 Operation 2003 407 East Extension (1) Canada 30 Operation 2012 A66 Benavente - Zamora Spain 30 Construction 2012 Accounting method Full consolidation Full consolidation Full consolidation Equity method Equity method (1) The concession term is 30 years from the completion of the construction work, scheduled for December 2015. Other concession arrangements accounted for using the financial asset model: The other arrangements to which the financial asset model is applied relate to the Services and Construction Divisions. Following is a detail of the most significant concession arrangements of the Construction Division: Concession operator Country Concession term (years) Status First year of concession (*) Conc. Prisiones Lledoners, S.A. Spain 32 Operation 2008 Conc. Prisiones Figueras, S.A.U. Spain 32 Operation 2011 30 years and 4 Aparcamiento Budimex Poland months Operation 2012 Accounting method Full consolidation Full consolidation Full consolidation As regards the Services Division, the most significant concession arrangement accounted for using the financial asset model in Spain is the contract for the operation of the Calle 30 orbital road in Madrid, which is accounted for using the equity method and in which the Group has an indirect interest of 10% through EMESA, in which the percentage of ownership is 50% and which is also accounted for using the equity method. The Services Division also has several concession arrangements in the UK relating to waste treatment plants. 2.5.4. Other items in the statement of financial position Inventories Subsequent to initial recognition, the items included under Inventories are measured at the lower of weighted average cost and net realisable value. Cash and cash equivalents of infrastructure project companies: Restricted cash Cash and Cash Equivalents - Infrastructure Project Companies - Restricted Cash includes short-term, highly liquid investments assigned to the financing of certain infrastructure projects, the availability of which is restricted under the financing contracts as security for certain commitments relating to the payment of debt principal and interest and to the maintenance and operation of the infrastructure. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-12

2.5.5 Revenue recognition Set forth below are specific details of the methods applied to recognise revenue in each of the segments in which Ferrovial operates. 2.5.5.1 Construction business Construction business revenue is recognised in accordance with IAS 11, whereby revenue and associated costs are recognised in the income statement by reference to the stage of completion of the contract activity at the end of the reporting period, provided that the outcome of the construction contract can be estimated reliably. Any expected loss on the construction contract is recognised as an expense immediately. The Group habitually conducts surveys of the work performed, which is made possible in practice by the existence in all the contracts of a definition of all the units of output and the price at which each unit is to be billed. There are budgeting tools for monitoring variances. At the end of each month, the units executed in each contract are measured and the output for the month is recognised as revenue. Contract costs are recognised on an accrual basis, and the costs actually incurred in completing the units of output are recognised as an expense and those that might be incurred in the future have to be allocated to the project units completed. The general policies described above were not applied to construction projects carried out by Budimex in 2013, in which revenue was recognised on the basis of the stage of completion measured in terms of the costs incurred. Under this method, the proportion that contract costs incurred bear to the estimated total contract costs determines the revenue to be recognised, by reference to the estimated margin for the entire term of the contract. In order to bring Budimex into line with the general method used by the Group, from 1 January 2014 onwards the method of measuring the units of output will be applied to all new construction projects. In exceptional cases, where it is not possible to estimate the margin for the entire contract, the total costs incurred are recognised and sales that are reasonably assured with respect to the completed work are recognised as contract revenue, subject to the limit of the total contract costs incurred. Changes to the initial contract require the customer s technical and financial approval prior to the issue of billings and collection of the amounts relating to additional work. The Group does not recognise revenue from such additional work until approval is reasonably assured and the revenue can be measured reliably. The costs associated with these additional units of output are recognised when incurred. Unlike the method used to recognise contract revenue, the amounts billed to the customer are based on achievement of the various milestones established in the contract and on acknowledgement thereof by the customer, which takes the form of a contractual document called "certificate of completion" ("progress billings"). Thus, the amounts recognised as revenue for a given year do not necessarily coincide with the amounts billed to or certified by the customer. In contracts for which the amount of revenue recognised exceeds the amount billed or certified, the difference is recognised in an asset account called Amounts to be Billed for Work Performed under Trade Receivables for Sales and Services, while in contracts for which the amount of revenue recognised is less than the amount billed or certified, the difference is recognised in a liability account called Amounts Billed in Advance for Construction Work under Trade Payables. Initial contract costs incurred in the formalisation of the principal contract, costs of moving plant to the contract site, costs incurred in design, technical assistance and studies, building insurance costs, perimeter fencing costs and other initial contract costs are recognised as prepaid expenses. These costs are initially recognised as inventories provided that it is probable that they will be recovered in the future and they are recognised in profit or loss based on actual production with respect to estimated production under each contract. Otherwise, the costs are taken directly to the income statement. Late-payment interest arising from delays in the collection of billings is recognised when it is probable that the interest will be collected and its amount can be measured reliably, and is recognised as a financial result. Due to the very nature of contracts of this kind, and as can be inferred from the preceding paragraphs, the main factors affecting revenue and cost recognition are subject to significant judgements and estimates, such as the expected outcome of the contract, the amount of costs to be incurred at the end of the construction work, the measurement of work completed in the period and the reasonableness of the recognition of a variation in the initial contract. All these judgements and estimates are made by the persons in charge of performing the construction work, are subsequently reviewed at the various levels of the organisation, and are submitted to controls designed to ensure the consistency and reasonableness of the criteria applied. 2.5.5.2 Toll road business The arrangements included in this line of business are accounted for in accordance with IFRIC 12, which provides for the classification of the assets assigned to such arrangements on the basis of the intangible asset model and the financial asset model (bifurcated arrangements can also exist) (see Notes 2.5.2 and 2.5.3). 2.5.5.3 Service business In general, the revenue from contracts involving various tasks and unit prices is recognised in the income statement when the services are provided, in accordance with IAS 18, Revenue. In the case of long-term contracts with a single payment or annual payments, in which the flow of collections does not correspond to the accrual of the services provided, revenue and costs are recognised by reference to the stage of completion, established in both the aforementioned IAS 18 and in IAS 11, Construction Contracts, on the basis of the costs incurred as a percentage of the total estimated costs. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-13

Lastly, it should be noted that the revenue from certain contracts that fall within the scope of IFRIC 12 is recognised as described in Notes 2.5.2 and 2.5.3. 2.6 Accounting estimates and judgements In the consolidated financial statements for 2013 estimates were made to measure certain of the assets, liabilities, income, expenses and commitments reported herein. These estimates relate basically to the following: The assessment of possible impairment losses on certain assets (see Note 5, Goodwill, and Note 9, Investments in associates). Business performance projections that affect the estimates of the recoverability of tax assets (see Note 21, Tax matters). The assumptions used in the actuarial calculation of pension and other commitments to employees (see Note 16, Pension plan deficit). The measurement of stock options and share award plans (see Note 30, Share-based payment). The budget-related estimates taken into consideration when recognising the results of contracts by reference to the stage of completion in the Construction and Services segments (see Note 2.5.5.1 on revenue recognition in the construction business). The assessment of possible legal and tax contingencies (see Note 21, Tax matters, Note 22, Contingent liabilities and Note 17, Provisions). Estimates relating to the valuation of derivatives and the related expected flows in cash flow hedges (see Note 11, Derivative financial instruments at fair value). Estimates taking into account the future vehicle numbers on toll roads for the purpose of preparing financial information for toll roads pursuant to IFRIC 12 (see Note 2.5.2, Note 7, Investments in infrastructure projects, Note 10, Non-current financial assets and Note 17, Provisions). Although these estimates were made using the best information available at 31 December 2013 and 2012 on the events analysed, events that take place in the future might make it necessary to change these estimates. Changes in accounting estimates would be applied prospectively in accordance with the requirements of IAS 8. 3.1 Interest rate risk The Ferrovial Group is financed with fixed or floating-rate borrowing products. The Group performs integral asset and liability management, optimising financing costs, income statement volatility, the required level of liquidity and the fulfilment of commitments. This management seeks to minimise the changes in capital arising from mismatches between assets and liabilities. 3.1.a.- Risk management at project level (Infrastructure projects) As regards the financing of infrastructure projects, despite project revenues tending to be linked to market cycles, lender banks and credit rating agencies establish credit requirements to minimise exposure to impacts from changes in interest rates, resulting in a higher proportion of fixed-rate borrowings, which at current levels may be acceptable, but which in scenarios of higher interest rates should be addressed. In infrastructure projects whose revenue is tied to inflation through an explicit contractual formula and as a requirement of the lender banks or the rating agencies, the Group evaluates the application of financing structures the cost of which is indexed to observed changes in inflation, to achieve a natural hedge between income and expenses. This structuring can be set up directly with the debt or through derivative financial instruments. 3.1.b.- Risk management at non-infrastructure project level At non-infrastructure project level, the flow of revenue is cyclical and floating-rate financing is sought through the issuance of debt or by arranging derivatives. 3.1.c.- Detail of debt exposed to interest rate risk and sensitivity analysis The relatively higher or lower proportion of debt tied to fixed rates at infrastructure project or non-infrastructure project level is achieved by issuing fixed-rate debt or by arranging hedging financial derivatives, a detail of which is provided in Note 11, Derivative financial instruments at fair value. The accompanying table shows a breakdown of the Group s debt, indicating the percentage of the debt that is considered to be hedged (either by a fixed rate or by derivatives). Not all the assets are hedged (unhedged items include, inter alia, cash and cash equivalents and long-term restricted cash associated with the debt). 3. Management of financial risks and capital The Group s activities are exposed to a variety of financial risks, particularly interest rate risk, foreign currency risk, credit risk, liquidity risk and equity risk. The Ferrovial Group actively manages risks in order to maintain liquidity levels, minimise the cost of financing, reduce the volatility resulting from changes in capital and ensure the fulfilment of the business plans. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-14

Millions of euros 2013 Borrowings Total gross debt % of debt hedged Net debt exposed to interest rate risk Impact on results of + 100 b.p. Construction 32 50% 16 0 Services 100 27% 72 1 Corporate and other 1,036 49% 531 5 Non-infrastructure project companies 1,168 47% 620 6 Toll roads (*) 7,209 88% 837 8 Construction 150 93% 11 0 Services 271 84% 43 0 Infrastructure projects 7,631 88% 892 9 TOTAL BORROWINGS 8,799 83% 1,511 15 Millions of euros 2012 Borrowings Total gross debt % of debt hedged Net debt exposed to interest rate risk Impact on results of + 100 b.p. Construction 31 31% 21 0 Services 183 8% 168 2 Corporate and other 1,018 19% 821 8 Non-infrastructure project companies 1,233 18% 1,010 10 Toll roads (*) 6,567 87% 851 9 Construction 153 92% 13 0 Services 273 84% 42 0 Infrastructure projects 6,993 87% 906 9 TOTAL BORROWINGS 8,225 77% 1,916 19 (*) In calculating the percentage of debt hedged in toll road infrastructure projects, the borrowings of the R4 and OLR toll roads were not taken into consideration because the respective concession operators are currently involved in insolvency proceedings and most of the derivatives relating to these borrowings have been terminated. As shown in the foregoing table, 83% of the Group s debt is hedged against the risk of changes in interest rates. 88% of the project borrowings are hedged (2012: 87%). Also, it must be borne in mind that the results relating to companies accounted for using the equity method include the results corresponding to the 25% ownership interest in HAH and the ownership interest of 43.23% in 407 ETR. As indicated in Note 9, the two companies have a significant volume of debt, of which 80% (HAH) and 100% (407 ETR) is hedged against interest rate risk. Based on the foregoing, at the fully consolidated companies, a linear increase of 100 basis points in the market yield curves at 31 December 2013 would increase the finance costs in the income statement by an estimated EUR 15 million, of which EUR 9 million relate to infrastructure projects and EUR 6 million to non-infrastructure project companies, with a net impact on the profit attributable to Ferrovial of EUR -9 million. In addition to the impact of interest rate fluctuations on the assets and liabilities making up the net cash position, changes may arise in the values of the derivative financial instruments arranged, which are indicated in Note 11. Revaluation gains and losses are recognised mainly in reserves in the case of derivatives that are effective hedges, as required by International Financial Reporting Standards. December 2013 would, in the case of the effective hedges, have a net impact of EUR -366 million on the equity attributable to the Parent (EUR -149 million at companies accounted for using the equity method and EUR -217 million at fully consolidated companies). 3.2 Foreign currency risk Exposure to foreign currency risk is managed centrally for all the business divisions and using various hedging mechanisms. This management is aimed at minimising the impact that the changes of the other currencies in which Ferrovial operates vis-à-vis the euro could have on cash flows. Ferrovial has significant investments in developed countries with currencies other than the euro, including most notably those in pounds sterling, US dollars, Canadian dollars and Polish zlotys. 3.2.a.- Risk management at non-infrastructure project level Ferrovial manages exposure to foreign currency cash flows (US dollars, pounds sterling, Canadian dollars and Polish zlotys against euros, mainly) on a global basis, including: Investments or divestments in projects. Returns on the income obtained at foreign subsidiaries, in the form of dividends or capital reimbursements expected to be received from those subsidiaries. Intra-Group loans to foreign subsidiaries. Payment of dividends and repayment of debt in foreign currency. Ferrovial ensures that the net flows for the coming years are optimally hedged by establishing strategies that optimise finance costs and the value of the net flows, safeguard capital against adverse fluctuations and stabilise the income statement. Also, in construction or services contracts in which the price is received in a currency other than that in which the related costs are paid, hedges are arranged to avoid changes in the profit margin caused by exchange rate fluctuations. 3.2.b.- Risk management at project level (Infrastructure projects) In general, the Group attempts to finance all the infrastructure projects that it invests in using the currencies in which each project s income is denominated. Where this is not feasible, the Group arranges derivatives to hedge potential changes in the value of the debt caused by exchange rate fluctuations. As regards these interest rate hedging instruments, a linear decrease of 100 basis points in the market yield curves at 31 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-15

3.2.c.- Exposure of items in the statement of financial position to exchange rate fluctuations The following table shows, by type of currency, the values of assets, liabilities, non-controlling interests and equity attributable to the Parent at December 2013: Millions of euros 2013 Noncontrolling Equity of Currency Assets Liabilities the Parent interests Euro 9,662 9,103 458 101 Pound sterling 3,480 1,638 1,842 1 US dollar 6,145 5,255 699 191 Canadian dollar 2,328-207 2,536 0 Polish zloty 1,006 795 149 62 Chilean peso 119 74 45 0 Other 79 88-9 0 Total Group 22,820 16,746 5,719 355 An analysis of the table above shows that the Group's equity is particularly exposed to the Canadian dollar and to the pound sterling. The table below shows the closing rates at 2013 and 2012 year-end of the main currencies in which the Group operates, which were used to translate the statement of financial position items to euros: Exchange rate at year-end 2013 2012 CHANGE 13/12 (*) Pound sterling 0.8323 0.8130 2.38% US dollar 1.3789 1.3200 4.46% Canadian dollar 1.4655 1.3130 11.61% Polish zloty 4.1566 4.0850 1.73% Chilean peso 724.39 632.09 14.60% (*) A negative change represents a depreciation of the euro against the reference currency and a positive change represents an appreciation. As a result of these changes, the impact of translation differences on equity at 31 December 2013 was EUR -338 million for the Parent and EUR -5 million for non-controlling interests. Of the aforementioned EUR -338 million, EUR -263 million correspond to changes in the Canadian dollar and EUR - 53 million to changes in pound sterling. Also, Ferrovial has estimated that a 10% appreciation of the euro at year-end against the main currencies in which the Group has investments would have an impact on the Parent s equity of EUR -526 million, of which 35% would relate to the impact of the pound sterling and 48% to that of the Canadian dollar. This fluctuation in the value of the euro would have an impact on total assets of EUR -1,316 million, of which 47% would relate to the investments in US dollars, 26% to the investments in pounds sterling and 18% to the investments in Canadian dollars. Also, the detail of the net profit attributable to the Parent by type of currency for 2013 and 2012 is as follows: Millions of euros Net profit Currency 2013 2012 Euro 85 138 Pound sterling (**) 506 484 US dollar 44 15 Canadian dollar 67 43 Polish zloty 49 14 Chilean peso 4 5 Other -27-7 Total Group 727 692 (**) The profit in pounds sterling includes the gains obtained on the divestments in HAH in the two periods. The table below shows the average exchange rates in 2013 and 2012 of the main currencies in which the Group operates, which were used to translate the income statement items to euros: Average exchange rate 2013 2012 CHANGE 13/12 (***) Pound sterling 0.8494 0.8107 4.77% US dollar 1.3304 1.2911 3.01% Canadian dollar 1.3767 1.2896 6.76% Polish zloty 4.2148 4.1675 1.14% Chilean peso 664.95 628.20 5.85% (***) A negative change represents a depreciation of the euro against the reference currency and a positive change represents an appreciation. In this regard, the impact of a 10% appreciation of the euro on the income statement would have amounted to EUR -56 million. 3.3 Credit and counterparty risk The Group s main financial assets exposed to credit risk or counterparty risk are as follows: a) Investments in financial assets included in cash and cash equivalents (short term) (see Note 18) b) Non-current financial assets (see Note 10) c) Derivative financial instruments (see Note 11) d) Trade and other receivables (see Note 13) As regards the risk incurred by investing in financial products or arranging derivative financial instruments (included in letters a, b and c), Ferrovial has established internal criteria to minimise credit risk, stipulating minimum credit ratings for counterparties (based on the ratings awarded by prestigious international agencies) which are subject to periodic review. In the case of transactions in countries whose economic and socio-political circumstances preclude high credit quality, the Group mainly selects branches and subsidiaries of foreign entities that meet or nearly meet the stipulated credit requirements, or the largest local entities. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-16

In the specific case of restricted cash linked to infrastructure project financing, the financing contracts that provide for the amounts that must be set aside as restricted cash usually also stipulate the conditions that must be fulfilled by the financial products in which these commitments must be instrumented. 3.4 Liquidity risk In the current market environment, still beset by a major financial crisis that prompted a widespread contraction of bank lending, Ferrovial has continued to adopt a proactive approach to liquidity risk management, focusing basically on guaranteeing reliable sources of liquidity for the Company and the novation of financial transactions before they mature. 3.4.a.- Liquidity risk management at non-infrastructure project level Liquidity risk at ex project level is managed centrally. Ferrovial has a liquidity policy in place that is based on five pillars: 1.- Efficient working capital management to ensure timely fulfilment of payment commitments by customers. 2.- Monetisation of financial assets, where this can be done under reasonable market conditions, through the factoring and discounting of future collection rights. 3.- Integral cash management, in order to optimise daily liquidity positions at the various companies by setting up a global cash management system. 4.- Setting up credit lines, particularly long-term lines, that guarantee the availability of cash and the payment of commitments in the event of any abnormal or stress scenario in relation to collections and available balances. 5.- Sourcing funds from capital markets as an alternative to bank financing (Ferrovial has been awarded ratings of BBB with a stable outlook by S&P and BBB- with a stable outlook by Fitch, both in the investment grade category). Liquidity risk management focuses on closely monitoring debt maturities (also explained in Note 18) and on proactive management and maintenance of credit lines to cover forecast cash needs. 3.4.b.- Liquidity risk management at project level (Infrastructure projects) Liquidity risk is analysed separately for each individual infrastructure project, since each project has a specific financing arrangement and, therefore, the projects are independent units for liquidity purposes. In general, debt maturities are monitored carefully for each project. Note 18 contains a breakdown showing that most of the project financing falls due after more than five years. Projects of this kind have foreseeable flows, allowing for the arrangement of financing structures linked to estimated project flows. As indicated above, the infrastructure project financing contracts generally stipulate the need to hold balances in accounts (restricted cash) the availability of which is used under the financing contracts as security for certain short-term commitments relating to the payment of debt principal and interest and to the maintenance and operation of the infrastructure. These accounts constitute an additional guarantee with respect to liquidity risk (see breakdown in Note 18). The borrowings falling due at short term relating to infrastructure projects in 2013 are detailed in Note 18. The Group seeks to cover all commitments to make new investments by means of specific-purpose financing before the investment is made. Note 18 contains a breakdown of the undrawn balances of borrowings arranged to fulfil these requirements. To conclude on all the preceding sections, the liquidity position of the infrastructure projects in 2013 is explained below: - At 31 December 2013, total cash and cash equivalents (including short-term restricted cash) amounted to EUR 279 million (2012: EUR 385 million). - Also, at that date, undrawn credit lines amounted to EUR 914 million (2012: EUR 930 million), which were arranged mainly to cover committed investment needs. The main liquidity metrics for 2013 were as follows: - At 31 December 2013, total cash and cash equivalents amounted to EUR 2,851 million (2012: EUR 2,735 million). - Also, at that date, undrawn credit lines totalled EUR 937 million (2012: EUR 1,017 million). - The Group's business areas have the capacity to generate significant and recurring cash flows from operating activities. - The capacity to increase debt volumes based on the current moderate level of debt and on the Group s capacity to generate recurring cash flows. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-17

- The projects have the capacity to generate significant and recurring cash flows from operating activities. - The capacity to increase the volume of debt in certain projects, based on growth in operating variables. In order to ensure appropriate liquidity risk management, both at Group level and in each business area and project, mechanisms have been put in place that include systematic forecasts of cash generation and needs in order to pre-empt and monitor the Group s liquidity position on an ongoing basis. 3.5 Equity risk Ferrovial is also exposed to the risk relating to the evolution of its share price. This exposure arises specifically in equity swaps linked to share-based remuneration schemes: As indicated in Note 11, Derivative financial instruments, Ferrovial has arranged equity swaps to hedge possible disbursements that may be required in relation to executive remuneration systems linked to the price of Ferrovial shares. The equity swaps eliminate the uncertainty with respect to the exercise price of the remuneration systems in the event that the share price rises above the option grant price; however, as they are not deemed to be hedging derivatives under International Accounting Standards, their market value has an impact on the income statement, which is positive if the share price rises and negative if the share price falls. Accordingly, a EUR 1 increase/decrease in the Ferrovial share price would have a positive/negative impact of EUR 19 million on the net profit of Ferrovial. 3.6. Inflation risk Most of the revenue from infrastructure projects arises from prices tied directly to inflation. This is the case of the prices of both the toll road concession contracts and the HAH airports accounted for using the equity method. Therefore, an increase in inflation would increase the value of the assets of this nature. 3.7. Capital management The Group s objective in capital management is to safeguard its capacity to continue managing its recurring activities and the capacity to continue to grow through new projects, by optimising the debt-equity ratio in order to create shareholder value. Since the Group was listed on the stock exchange in 1999, capitalisation has remained steady, except for the effect generated in the merger with Cintra in 2009, and there have been no new equity issues. Growth has been financed in three ways: - Internal cash flows generated from the Group s recurring businesses. - Capacity to grow through investments in new infrastructure projects financed largely by borrowings secured by project cash flows, thereby feeding back funds to boost the Group s capacity for growth in its recurring activities. - Asset turnover policy focused on the sale of mature projects in order to make it possible to create value while continuing to finance investments in new projects. Ferrovial's objective with regard to financial debt is to maintain a low level of indebtedness, excluding infrastructure project debt, such that it can retain its investment grade credit rating. In order to achieve this target it has established a clear and adequate financial policy in which a relevant metric refers to a maximum ratio, for non-infrastructure projects, of net debt (gross debt less cash) to gross profit from operations plus dividends from projects of 2:1. For the purpose of calculating this ratio, "net debt excluding infrastructure projects" is defined in Note 18 and "gross profit from operations plus dividends" is the profit from operations before impairment losses, disposals and depreciation and amortisation of the Group companies other than infrastructure concession operators, plus the dividends received from infrastructure projects. However, in the case of HAH, due to its financing needs, there are long-term derivatives with a notional value of EUR 6,327 million (GBP 5,266 million) on total borrowings of more than EUR 14,000 million (GBP 12,000 million), the purpose of which is to convert fixed-rate debt into index-linked debt. Unlike the company's assets, from the accounting standpoint these derivatives are measured at fair value through profit or loss, since they are considered to be ineffective derivatives. In this regard, an increase of 100 b.p. throughout the inflation curve would have an effect on the net profit attributable to Ferrovial (in proportion to its percentage of ownership) of EUR -154 million. Also, in the case of the toll road concession operator Autema, there is a derivative tied to inflation that is deemed to qualify for hedge accounting, in which an increase of 100 b.p. throughout the inflation curve would have an effect on reserves of EUR -120 million. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-18

4. Segment reporting Set forth below are the consolidated statements of financial position and consolidated income statements for 2013 and 2012, broken down by business segment. The Other column includes the assets and/or liabilities and income and/or expenses of the companies not assigned to any of the business segments, including most notably the Parent, Ferrovial, S.A., and its smaller subsidiaries, the current Polish real estate business, and inter-segment adjustments. Segment statement of financial position: 2013 (millions of euros) Assets Construction Toll roads Airports Services Other Total Non-current assets 767 12,545 1,263 2,572-5 17,142 Goodwill 172 355 0 1,366 0 1,893 Intangible assets 4 7 0 209 8 229 Investments in infrastructure projects 4 7,831 0 273-469 7,639 Investment property 5 0 0 0 32 37 Property, plant and equipment 101 17 0 343 22 483 Investments in associates 4 2,251 1,261 47 0 3,562 Non-current financial assets 241 1,350 0 220-1 1.810 Deferred tax assets 236 591 1 114 401 1,344 Non-current derivative financial instruments at fair value 0 143 0 0 1 144 Current assets 3,715 1,064 704 1,653-1,458 5,678 Assets classified as held for sale 0 0 0 2 0 2 Inventories 133 11 0 26 156 325 Trade and other receivables 1,002 411 7 1,122-340 2,202 Cash and cash equivalents 2,580 629 696 502-1,278 3,130 Receivable from Group companies 1,254 93 686 115-2,149 0 Other 1,326 536 11 387 871 3,130 Current derivative financial instruments at fair value 1 13 0 0 4 18 TOTAL ASSETS 4,482 13,609 1,966 4,226-1,463 22,820 Equity and liabilities Construction Toll roads Airports Services Other Total Equity 840 3,273 1,873 1,233-1,145 6,074 Equity attributable to the equity holders 836 2,991 1,873 1,222-1,203 5,719 Equity attributable to non-controlling interests 4 282 0 11 58 355 Deferred income 4 469 0 30 0 503 Non-current liabilities 532 8,241 95 1,607 755 11,230 Pension plan deficit 1 0 0 105 0 107 Other provisions 203 710 0 281 157 1,350 Borrowings 164 6,002 0 912 418 7,496 Payable to Group companies 0 0 0 595-595 0 Other 164 6,002 0 317 1,012 7,496 Other payables 12 149 29 48-29 208 Deferred tax liabilities 142 497 67 223 188 1,117 Derivative financial instruments at fair value 9 884 0 39 21 952 Current liabilities 3,107 1,626-2 1,356-1,073 5,013 Borrowings -10 1,248 1 392-327 1,303 Payable to Group companies -29 41 1 338-351 0 Other 19 1,207 0 54 23 1,303 Current derivative financial instruments at fair value 0 65 0 0 2 67 Trade and other payables 2,751 313-3 941-749 3,254 Operating provisions and allowances 366 0 0 23 0 389 TOTAL EQUITY AND LIABILITIES 4,482 13,609 1,966 4,226-1,463 22,820 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-19

Segment statement of financial position: 2012 (millions of euros) Assets Construction Toll roads Airports Services Other Total Non-current assets 750 12,178 1,604 2,029 98 16,660 Goodwill 177 391 0 919 0 1,487 Intangible assets 4 6 0 99 6 116 Investments in infrastructure projects 4 6,958 0 248-455 6,755 Investment property 0 0 0 0 35 35 Property, plant and equipment 106 18 0 361 21 506 Investments in associates 6 2,668 1,604 44 0 4,322 Non-current financial assets 220 1,193 0 250 11 1,674 Deferred tax assets 231 789 0 109 479 1,608 Non-current derivative financial instruments at fair value 2 156 0 0 0 158 Current assets 4,033 1,046 76 1,256-841 5,570 Assets classified as held for sale 0 0 0 2 0 2 Inventories 186 10 0 18 180 394 Trade and other receivables 1,102 452 25 1,032-413 2,198 Cash and cash equivalents 2,745 582 51 204-615 2,967 Receivable from Group companies 1,664 0 36 3-1,703 0 Other 1,081 582 16 200 1,087 2,967 Current derivative financial instruments at fair value 0 1 0 0 7 8 TOTAL ASSETS 4,784 13,224 1,680 3,285-743 22,230 Equity and liabilities Construction Toll roads Airports Services Other Total Equity 631 3,217 1,597 1,080-744 5,781 Equity attributable to the equity holders 657 3,140 1,597 1,075-809 5,660 Equity attributable to non-controlling interests -26 77 0 5 65 121 Deferred income 5 312 0 38 0 356 Non-current liabilities 875 8,052 79 992 1,118 11,117 Pension plan deficit 1 0 0 104 0 105 Other provisions 174 627 0 196 169 1,166 Borrowings 547 5,416 0 399 635 6,996 Payable to Group companies 376 9 0 0-385 0 Other 171 5,407 0 399 1,020 6,996 Other payables 20 149 29 35-29 203 Deferred tax liabilities 118 472 51 198 240 1,080 Derivative financial instruments at fair value 15 1,388 0 62 103 1,567 Current liabilities 3,272 1,643 4 1,175-1,117 4,976 Borrowings -16 1,309 6 426-496 1,229 Payable to Group companies -29 149 6 369-495 0 Other 13 1,160 0 57-1 1,229 Current derivative financial instruments at fair value 0 60 0 0 5 65 Trade and other payables 2,897 274-2 724-626 3,267 Operating provisions and allowances 391 0 0 24 0 415 TOTAL EQUITY AND LIABILITIES 4,784 13,224 1,680 3,285-743 22,230 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-20

Segment income statement: 2013 (Millions of euros) Before fair value adjustments Construction Toll roads Airports Services Other Total Fair value adjustments (*) Total Before fair Fair value value adjustments adjustments (*) Total Before fair Fair value value adjustments adjustments (*) Total Before fair Fair value value adjustments (*) adjustments Total Before fair Fair value value adjustments adjustments (*) Total Before fair Fair value value adjustments (*) adjustments Total Revenue 4,064 0 4,064 429 0 429 8 0 8 3,656 0 3,656 9 0 9 8,166 0 8,166 Other operating income 3 0 3 0 0 0 0 0 0 7 0 7 0 0 0 10 0 10 Total operating income 4,067 0 4,067 429 0 429 8 0 8 3,663 0 3,663 9 0 9 8,176 0 8,176 Materials consumed 912 0 912 3 0 3 0 0 0 250 0 250 15 0 15 1,181 0 1,181 Staff costs 596 0 596 59 0 59 6 0 6 1,635 0 1,635 56 0 56 2,351 0 2,351 Other operating expenses 2,216 0 2,216 91 0 91 11 0 11 1,456 0 1,456-64 0-64 3,710 0 3,710 Total operating expenses 3,724 0 3,724 153 0 153 17 0 17 3,341 0 3,341 7 0 7 7,242 0 7,242 Gross profit from operations 343 0 343 276 0 276-8 0-8 321 0 321 2 0 2 934 0 934 Depreciation and amortisation charge 28 0 28 75 0 75 0 0 0 127 0 127 3 0 3 233 0 233 Profit or loss from operations before impairment and non-current asset disposals 314 0 314 202 0 202-9 0-9 195 0 195-1 0-1 701 0 701 Impairment and non-current asset disposals 46 0 46 0 6 6 40 0 40 22 17 39 0-6 -6 108 18 126 Profit or loss from operations 361 0 360 202 6 208 32 0 32 216 17 234-1 -6-7 809 18 827 Financial result on financing of infrastructure projects -9 0-9 -312 0-312 0 0 0-16 0-16 0 0 0-337 0-337 Result on derivatives and other financial results, infrastructure projects 0 0 0-7 -1-8 0 0 0 0 8 8 0 0 0-7 7 0 Financial result of infrastructure projects -9 0-9 -319-1 -319 0 0 0-17 8-9 0 0 0-344 7-337 Financial result on financing of non-infrastructure project companies 22 0 22 3 0 3 4 0 4-29 0-29 -52 0-52 -53 0-53 Result on derivatives and other financial results, noninfrastructure project companies 0 14 14-6 7 1 1 3 4-10 9-1 0 39 39-15 72 57 Financial result of non-infrastructure project companies 22 14 35-3 7 4 5 3 8-39 9-31 -52 39-13 -68 72 5 Financial result 12 14 26-322 6-315 5 3 8-56 17-39 -52 39-12 -412 79-333 Share of results of companies accounted for using the equity method -1 0-1 58 7 65 325-28 297 14 0 14 0 0 0 396-21 375 Consolidated profit or loss before tax 372 14 385-62 20-42 361-25 336 175 34 209-53 33-20 793 76 869 Income tax -137 0-137 15-16 -1 21 0 21-53 -5-58 27-21 6-127 -41-168 Consolidated profit or loss from continuing operations 235 14 248-47 5-42 383-25 358 122 29 151-26 13-14 666 35 701 Net profit or loss from discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Consolidated profit or loss for the year 235 14 248-47 5-42 383-25 358 122 29 151-26 13-14 666 35 701 Profit or loss for the year attributable to noncontrolling interests -31 0-31 57 0 57 0 0 0-1 0-1 -2 4 2 22 4 26 Profit or loss for the year attributable to the Parent 203 14 217 10 5 15 383-25 358 120 29 150-29 17-12 688 39 727 (*) Relating to gains and losses arising from changes in the fair value of derivatives and other financial assets and liabilities (see Note 11), asset impairment (see Note 23) and the impact of the two items on Share of Profits of Companies Accounted for Using the Equity Method (see Note 9). Ferrovial, S.A. Consolidated financial statements at 31 December 2013-21

Segment income statement: 2012 (Millions of euros) Before fair value adjustments Construction Toll roads Airports Services Other Total Fair value adjustments (*) Total Before fair Fair value value adjustments adjustments (*) Total Before fair Fair value value adjustments adjustments (*) Total Before fair value adjustments Fair value adjustments (*) Total Before fair Fair value value adjustments adjustments (*) Total Before fair value adjustments Fair value adjustments (*) Total Revenue 4,326 0 4,326 381 0 381 8 0 8 2,895 0 2,895 20 0 20 7,630 0 7,630 Other operating income 7 0 7 0 0 0 0 0 0 9 0 9 1 0 1 17 0 17 Total operating income 4,332 0 4,332 381 0 381 8 0 8 2,904 0 2,904 21 0 21 7,647 0 7,647 Materials consumed 1,044 0 1,044 4 0 4 0 0 0 226 0 226 21 0 21 1,295 0 1,295 Staff costs 627 0 627 55 0 55 4 0 4 1,355 0 1,355 61 0 61 2,102 0 2,102 Other operating expenses 2,324 0 2,324 51 0 51 2 0 2 1,010 0 1,010-64 0-64 3,323 0 3,323 Total operating expenses 3,995 0 3,995 110 0 110 7 0 7 2,590 0 2,590 18 0 18 6,720 0 6,720 Gross profit from operations 337 0 337 272 0 272 2 0 2 313 0 313 3 0 3 927 0 927 Depreciation and amortisation charge 38 0 38 67 0 67 0 0 0 110 0 110 3 0 3 219 0 219 Profit from operations before impairment and noncurrent asset disposals 298 0 298 204 0 204 2 0 2 203 0 203 0 0 0 708 0 708 Impairment and non-current asset disposals 0-11 -11 0 0 0 115 0 115 0-30 -30 0-23 -23 115-63 52 Profit or loss from operations 298-11 288 204 0 204 117 0 117 203-30 173 0-23 -22 823-63 760 Financial result on financing of infrastructure projects -10 0-10 -270 0-270 0 0 0-18 0-18 0 0 0-298 0-298 Result on derivatives and other financial results, infrastructure projects 0 0 0-5 2-3 0 0 0 0 0 0 0 0 0-6 2-4 Financial result of infrastructure projects -10 0-10 -275 2-273 0 0 0-19 0-19 0 0 0-304 2-302 Financial result on financing of non-infrastructure project companies Result on derivatives and other financial results, noninfrastructure project companies 40 0 40 9 0 9 4 0 4-18 0-18 -68 0-68 -32 0-32 -5 0-5 -5 0-5 -2 0-2 -6 0-6 6 46 52-13 46 33 Financial result of non-infrastructure project companies 35 0 35 4 0 4 2 0 2-24 0-24 -62 46-16 -45 46 1 Financial result 25 0 25-271 2-269 2 0 2-43 0-43 -62 46-16 -349 48-301 Share of results of companies accounted for using the equity method -1 0-1 47-4 42 158 65 223 11 0 11 0 0 0 214 60 275 Consolidated profit or loss before tax 322-11 311-20 -2-22 277 65 341 171-30 141-61 23-38 688 45 733 Income tax -94 2-92 -50 0-50 69 0 69-36 7-29 5-9 -3-106 0-106 Consolidated profit or loss from continuing operations 228-9 219-70 -2-72 346 65 410 135-23 112-56 14-42 582 46 628 Net profit or loss from discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Consolidated profit or loss for the year 228-9 219-70 -2-72 346 65 410 135-23 112-56 14-42 582 46 628 Profit or loss for the year attributable to noncontrolling interests -19 4-15 82 0 82 0 0 0 0 0 0-3 0-3 60 4 64 Profit or loss for the year attributable to the Parent 209-5 204 12-2 10 346 65 410 135-23 112-59 14-45 643 49 692 (*) Relating to gains and losses arising from changes in the fair value of derivatives and other financial assets and liabilities (see Note 11), asset impairment (see Note 23) and the impact of the two items on Share of Profits of Companies Accounted for Using the Equity Method (see Note 9). Ferrovial, S.A. Consolidated financial statements at 31 December 2013-22

Consolidated financial statements at 31 December 2012 The detail, by segment, of the additions to the main non-current asset headings, as required by IFRS 8, is as follows: Millions of euros Additions to Additions to property, Additions to intangible infrastructure projects plant and equipment assets and goodwill Additions to associates 2013 2012 2013 2012 2013 2012 2013 2012 Construction 0 6 30 41 0 0 0 0 Toll roads 983 896 2 26 0 0 0 4 Services 23 32 49 66 566 7 12 0 Total 1,005 935 82 133 566 7 12 4 The additions to infrastructure projects are broken down by business segment in Note 7. The detail, by segment, of revenue in 2013 and 2012 is as follows: External sales Millions of euros 2013 2012 Intersegment Total segment Inter- External sales sales sales Construction 3,213 851 4,064 3,660 666 4,326 Toll roads 422 7 429 380 1 381 Airports 8 0 8 8 0 8 Services 3,646 11 3,656 2,887 7 2,895 Other and adjustments 58-49 9 77-57 20 Total 7,347 820 8,166 7,013 617 7,630 The inter-segment sales that are not eliminated in the Group's consolidated financial statements are the sales made by the Construction Division to the infrastructure concession operators, as discussed in Notes 2.4 and 33. Geographical areas Following is a detail, by geographical area, of the net profit, total assets and revenue. The table also shows, by geographical area, the additions to infrastructure projects, property, plant and equipment, intangible assets, goodwill and companies accounted for using the equity method: Total Millions of euros Additions to infrastructure projects, property, plant and equipment, intangible assets, goodwill and Net profit or loss Total assets Revenue companies accounted for using the equity method 2013 2012 2013 2012 2013 2012 2013 2012 Spain 87 149 47 187 7,794 8,487 2,590 2,884 UK 540 15 506 484 3,480 2,946 2,611 1,868 US 990 912 44 15 6,145 4,969 1,337 1,095 Canada 0 0 67 43 2,329 2,763 40 9 Poland 0 0 49 14 1,006 970 1,138 1,460 Other 48 1 15-52 2,066 2,095 450 314 Total 1,665 1,077 727 692 22,820 22,230 8,166 7,630 (*) For the purpose of presentation in this table, the gains or losses arising on divestments are presented in the country in which the investment is located. In addition to the information by geographical segment included in this Note, further information is provided in the following notes: Note 7 contains a detail of infrastructure projects by business segment and, for the main groups of projects, by geographical segment. The consolidated directors' report contains a detail of cash flows, distinguishing between infrastructure projects and other companies. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-23

5. Goodwill and acquisitions 5.1. Acquisitions made in the year The table below details the changes in goodwill in 2013: Millions of euros Balances at 31/12/12 Changes in the scope of consolidation/ additions Impairment Exchange diference Balances at 31/12/13 Services 919 453 0-6 1,366 Amey 479 420 0-2 896 Spain Services 440 0 0 0 440 Other Services 0 34 0-4 30 Construction 177 0 0-6 172 Webber 106 0 0-5 101 Budimex 72 0 0-1 71 Toll roads 391 0-31 -4 355 Euroscut Algarve 15 0 0 0 15 Ausol 101 0-31 0 70 Autema 175 0 0 0 175 Chicago Skyway 100 0 0-4 96 Total 1,487 453-31 -16 1,893 The main change in Goodwill arose in relation to the activities of the Services Division due to the inclusion in the scope of consolidation of Enterprise and Steel Ingeniería, as indicated in Note 2. In relation to the inclusion of Enterprise in the scope of consolidation, as described in Note 1, on 21 February Ferrovial Servicios reached an agreement with the international investor 3i to acquire Enterprise, one of the leading UK service providers to utilities and the public sector, for an enterprise value of GBP 393 million (EUR 474 million). This transaction was subject to the approval of the European Commission, which was granted on 8 April, the date from which the financial statements of Enterprise were included in the scope of consolidation of the Ferrovial Group. The ownership interest initially acquired by Ferrovial Servicios, S.A. was subsequently transferred to Amey, Plc in order to integrate the two companies both at commercial and organisational level. Accordingly, the goodwill arising on this acquisition (GBP 356 million/eur 420 million) was allocated to Amey. As described in Note 2.2, Accounting estimates and judgements, the assets and liabilities of these companies acquired were measured using the best information available at the date of preparation of these consolidated financial statements on the events analysed. The obtainment of additional currently unavailable or more detailed information on these assets and liabilities could give rise to new measurements making it necessary to subsequently change the measurements described in these consolidated financial statements (upwards or downwards), provided that twelve months have not passed since the acquisition date, as provided for in IFRS 3 paragraph 45. The table below, expressed in millions of pounds sterling, summarises the carrying amount of the assets and liabilities at the acquiree, the fair value adjustments, the fair value after the adjustments and the goodwill generated: Millions of pounds sterling Carrying Fair value Fair value amount at after adjustments the acquiree adjustments Intangible assets - Other 0 97 97 Intangible assets - Licences and software 13-11 3 Other non-current assets 41 3 44 Inventories 6-1 5 Trade and other receivables 171-5 166 Trade and other payables -190 4-186 Pension surplus -1 2 1 Long-term provisions -5-74 -79 Other non-current liabilities -8 0-8 Deferred tax liabilities -24 18-6 Total net assets excluding net cash position (2) 3 33 36 Purchase price (1) -393 Goodwill (1) (2) 356 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-24

The main impacts of the purchase price allocation process are as follows: - Valuation of the contract portfolio and customer relations, which gave these intangible assets a final value of GBP 97 million that had not been recognised previously. - Recognition of provisions for losses budgeted for in long-term contracts and recognition of contingent liabilities identified in the review process performed prior to the acquisition, which gave rise to the recognition of long-term provisions of GBP 74 million. - Estimate of the tax effect of the aforementioned adjustments totalling GBP 18 million. After the aforementioned purchase price allocation process, the difference between the net fair value of the assets acquired (GBP 36 million) and the acquisition cost (GBP 393 million) was recognised as an addition to goodwill at Amey of GBP 356 million (EUR 420 million at 31 December 2013), which is justified by its entry into new markets in which it had not previously been present and the synergies arising from the inclusion of Enterprise in the Group's structure. Additionally, in relation to the inclusion of Steel Ingeniería, on 7 February 2013 Ferrovial Servicios acquired an effective 70% ownership interest in the share capital of this company for an enterprise value of EUR 29 million. As a result, pursuant to IFRS 3, a purchase price allocation process was carried out, giving rise to goodwill on acquisition of EUR 16 million. In the allocation process it was considered that the carrying amount of the assets acquired and the liabilities assumed did not differ significantly from their fair value. The main impacts on the Group's consolidated statement of financial position due to the inclusion in the scope of consolidation of Steel Ingeniería arose in relation to Trade and Other Receivables and Trade and Other Payables (amounting to EUR 12 million and EUR 6 million, respectively) and to the net cash position (EUR -9 million). Additionally, at the date of purchase, Ferrovial Servicios and the former shareholders of the company granted cross call and put options on the remaining 30%, which may be exercised by the parties between 1 April and 30 June 2016, the price of which will be determined on the basis of the acquired company achieving pre-established EBIT targets set in the related shareholders agreement. Accordingly, these cross call and put options were considered to effectively constitute an agreement to defer payment for the remaining 30% stake, and not a non-controlling interest. In this respect, the financial statements of Steel Ingeniería were fully consolidated in the Group's consolidated financial statements and a long-term provision was recognised for the best estimate of the amount payable (EUR 18 million on the inclusion of the company in the Group's scope of consolidation; EUR 16 million at 31 December 2013) with a balancing entry under Goodwill. Enterprise's sales in 2013 amounted to EUR 1,036 million, of which EUR 762 million were included in the consolidated Group figures, corresponding to the sales made from April 2013, the date on which it was included in the scope of consolidation. In the case of Steel Ingeniería, the Group's consolidated sales include the sales made by the company during the entire year amounting to EUR 39 million. The aforementioned companies' contribution to consolidated profit is EUR -15 million in the case of Enterprise (excluding the costs of acquiring the company and of integrating it into Amey, this contribution would be EUR 5 million) and EUR 4 million in the case of Steel Ingeniería. As regards the Construction Division, as described in Note 1, on 4 January the Budimex Group acquired an additional 19.88% stake in its subsidiary Elektromontaz Poznan for PLN 7 million (EUR 2 million). With this acquisition, Budimex achieved a total ownership interest of 50.66% in its subsidiary and, therefore, it was fully consolidated in the Group's consolidated financial statements. This obtainment of control entailed the recognition of the total investment at fair value, which gave rise to an impact of EUR 1 million on the profit of Budimex (EUR 0.4 million on the profit attributable to the Parent). 5.2. Goodwill impairment tests A. Services Division goodwill (Amey and Ferrovial Servicios): For the purpose of determining the cash-generating units in order to test goodwill for impairment, it should be noted that in the case of Enterprise the impairment test is performed on a joint basis with Amey. This is because, as a result of the integration of these companies, the level at which a reasonable identification of all the corporate assets can be made is that of the resulting group, which is also the level at which the planned synergies of the business combination are expected to arise. This is in line with paragraphs 80 and 102 of IAS 36. Similarly, the reorganisation performed by the Services Division in Spain led to the integration of the activities of Cespa and Ferroser, which together also form a cash-generating unit for the purpose of conducting the impairment test of the goodwill arising from the acquisition of Cespa. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-25

The goodwill of Amey and Ferrovial Servicios Spain, amounting to EUR 896 million and EUR 440 million, respectively, at 31 December 2013 (31 December 2012: EUR 479 million and EUR 440 million, respectively), is tested for impairment by using cash flow projections for a five-year period. The residual value is based on the cash flow for the last year projected, provided this represents a cash flow with no exceptional factors, and the growth rate applied in no case exceeds the estimated long-term growth rate for the market in which the company operates. Cash flows are discounted using a rate based on the weighted average cost of capital (WACC) for assets of this nature. In order to value companies, Ferrovial uses a risk-free rate usually taking as a reference a ten-year bond based on the location of the company in question and a market premium of 5.5%, based on recent studies of long-term premiums. Additionally, in order to reflect each company s exposure, portfolios of comparable companies were selected to carry out regression analyses and obtain unlevered betas. The betas obtained were compared with other sources habitually used by analysts and investment banks (Barra Beta, Bloomberg, etc.). The projected flows are based on the latest estimates approved by the Company, which take into account recent historical data. In this respect, it should be noted that in 2013 the profit from operations of Ferrovial Servicios Spain and Amey performed in line with budget forecasts and the backlog increased markedly, 21% in Spain and 53% in the UK (16% excluding the acquisition of Enterprise). The discount rates (WACC) used to test for impairment were 7.7% in the UK and 8.3% in Spain (compared with the prior year rates of 7.3% and 8.9%, respectively) and the perpetuity growth rates (g) were 2.0% in both cases (in December 2012 a rate of 2% was used in the UK and 3% in Spain). The value of Amey resulting from application of this impairment test model is 315% higher than its carrying amount. In the case of Ferrovial Servicios Spain, the difference is 23%. In addition, sensitivity analyses are performed on this goodwill, particularly in relation to the gross profit from operations, the discount rate and the perpetuity growth rate, so as to ensure that possible changes in the estimate do not have an impact on the possible recovery of the goodwill recognised. Specifically, a stress test was conducted with a perpetuity growth rate of 1% and a reduction in the gross profit from operations of 100 basis points. The valuation disclosed in this scenario evidences a buffer over the carrying amount of 119% in the case of Amey and 3% in the case of Ferrovial Servicios Spain. B. Construction Division goodwill (Webber and Budimex): The goodwill of Webber and Budimex amounted to EUR 101 million and EUR 71 million, respectively, at 31 December 2013 (31 December 2012: EUR 106 million and EUR 72 million, respectively). In the case of Budimex, since it is listed on the Warsaw Stock Exchange, the goodwill was tested for impairment by ascertaining whether the closing market price of the Budimex share was higher than its carrying amount plus the allocated goodwill. The test did not evidence the existence of any impairment. The quoted market price of the Budimex share at 31 December 2013 was 228% higher than its carrying amount. The impairment test method used for Webber was similar to that described above for the services companies and included a discount rate (WACC) of 8.4% (compared with 9.0% in December 2012) and a perpetuity growth rate of 2.0% (same rate in December 2012). The foregoing WACC calculation used the 10-year US bond spot rate. The projected flows are based on the latest estimates approved by the Company, which take into account recent historical data. Growth in sales and the other operating variables were projected on the basis of the backlog. It should be noted that the profit from operations of Webber increased by 14.3% with respect to 2012 and that the backlog decreased by 11% (the latter figure was forecast as a result of the high level of project completion). The value of Webber resulting from application of this impairment test model is 49% higher than its carrying amount. A sensitivity analysis was performed on Webber s goodwill, particularly in relation to the gross profit from operations, the discount rate and the perpetuity growth rate, so as to ensure that possible changes in the estimate do not have an impact on the possible recovery of the goodwill recognised. Specifically, a stress test was conducted with a perpetuity growth rate of 1% and a reduction in the gross profit from operations of 100 basis points. The valuation disclosed in this scenario evidences a buffer of 26% over the carrying amount. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-26

C. Toll Road Division goodwill: The goodwill of the Toll Road business at 31 December 2013 amounted to EUR 355 million (31 December 2012: EUR 391 million). The recoverable amount of the toll roads was calculated as the higher of fair value less estimated costs to sell and value in use. The value in use of concession operators with an independent financial structure and limited duration was calculated by discounting the cash flows expected to be received by shareholders until the end of the concession term. The Group considers that value in use must be obtained using models that cover the entire concession term, as the assets are in different phases of investment and growth and there is sufficient visibility to use a specific economic and financial plan for each phase during the concession term. No residual value is considered to exist in these valuations. The projections were updated based on the historical evolution and specific features of each asset, using long-term modelling tools to estimate traffic, extraordinary maintenance, etc. These traffic forecasting models and tools use variables obtained largely from public sources (evolution of GDP, inflation, population, car ownership, status of alternative roads, etc.), and there are also specific models for estimating extraordinary maintenance based on various different variables (road surface condition, expected traffic, etc.). The forecast cash flows for the shareholder were discounted at an estimated cost of capital ranging from 8.1% for the Chicago Skyway toll road in the US to 10.9% for Ausol in Spain (9.1% to 11.8% in December 2012) based on a risk-free rate generally referenced to a 30-year bond, taking into account the location of each concession operator, a beta coefficient reflecting the company's leverage and asset risk, and an estimated market premium of 5.5%. For these toll road concessions, the possible impairment was calculated by comparing the company s carrying amount (equity plus net goodwill) with its value in use obtained by discounting cash flows, as described above. As a result of the analysis performed, impairment of EUR 31 million was recognised with respect to the goodwill allocated to Ausol. This impairment arose from the negative performance of traffic in recent years, with decreases in 2013 of -9.8% in Ausol I and -3.3% in Ausol II, which, added to the fall registered since 2007, gives an annual rate of -10.2% for Ausol I and -7.8% for Ausol II. With respect to the other toll roads, Autema and Chicago Skyway have negative carrying amounts. In the case of Ausol, although an impairment loss was recognised during the year, the carrying amount continues to be positive and, therefore, any negative change in the main valuation assumptions could give rise to additional impairment. Algarve has a buffer, since its valuation is 54% higher than its carrying amount. In addition to the aforementioned impairment, other impairment losses were recognised for toll roads without any goodwill allocated to them, as discussed in Note 23. 6. Intangible assets At 2013 year-end, the balance of intangible assets amounted to EUR 229 million (2012: EUR 116 million), representing a year-onyear increase of EUR 113 million. Intangible Assets includes basically contractual rights that arose from the acquisition of certain services companies; specifically: - The main change in 2013 relates to the right that arose in the year as a result of the acquisition of Enterprise (see Note 5, Goodwill and acquisitions) for a total of EUR 117 million (December 2013: EUR 111 million), of which EUR 114 million (GBP 97 million) correspond to the valuation of the backlog and customer relations. - The right that arose in 2010 to operate a waste treatment plant in the United Kingdom as a result of the acquisition of Donarbon, amounting to EUR 46 million. - The right that arose in 2005 at the Amey Group as a result of a contract to provide management and technical assistance services in relation to the London Underground, amounting to EUR 36 million. No impairment losses were recognised or reversed in relation to these intangible assets in 2013. 7. Investments in infrastructure projects The detail, by project, of Investments in Infrastructure Projects and of the changes therein in 2013 is as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-27

Millions of euros Balances at 01/01/13 Total additions Total disposals Changes in the scope of consolidation and transfers Exchange rate effect Balances at 30/12/13 Spanish toll roads 2,486 0-2 126 0 2,609 US toll roads 3,668 983 0 0-211 4,439 Other toll roads 961 0 0 18 0 979 Investment in toll roads 7,114 983-2 144-211 8,027 Accumulated amortisation -450-58 0 0 4-504 Impairment losses -159-7 0 4 1-162 Net investment in toll roads 6,505 917-2 148-206 7,361 Investment in other infrastructure projects 311 23-3 60-1 390 Amortisation - Other infrastructure projects -61-21 3-35 1-114 Total net investment - Other infrastructure projects 250 2 0 25 0 277 TOTAL INVESTMENT 7,425 1,005-5 204-212 8,417 TOTAL AMORTISATION AND IMPAIRMENT LOSSES -670-86 3-31 6-779 TOTAL NET INVESTMENT 6,755 919-2 173-206 7,638 The most significant changes in 2013 were as follows: There were significant increases in the assets of the following toll roads in the US, all of which are currently under construction: North Tarrant Express (EUR 373 million -2012: EUR 302 million-), North Tarrant Express Extension (EUR 36 million) and LBJ (EUR 564 million -2012: EUR 339 million-). The transfers to Investments in Infrastructure Projects include EUR 100 million relating to the increase in the provision recognised in 2013 for compulsory purchases in connection with the R-4 Madrid Sur toll road, as explained in Note 22. Also, EUR 33 million relating to the interest on the outstanding portion of the long-term loans granted by the Parent to third parties were transferred to Non-Current Financial Assets (see Note 10). Exchange rate fluctuations resulted in a decrease of EUR 207 million (2011: increase of EUR 117 million) in the balance of these assets, the full amount of which is attributable to the change in the euro/us dollar exchange rate at the US toll roads. Investment in Other Infrastructure Projects includes concession arrangements awarded to the Services Division that are classified as intangible assets under IFRIC 12, basically those relating to Autovía de Aragón Sociedad Concesionaria, S.A., amounting to EUR 188 million; various waste treatment plants and the Integral Treatment Centre in Murcia (Servicios Urbanos de Murcia, S.A.), amounting to EUR 48 million. Impairment Losses includes the estimated impairment losses on arrangements to which no goodwill has been allocated. These possible impairment losses are calculated using the same method as that described in Note 5.2.C. The changes in the impairment losses relate mainly to the SH-130 toll road (addition of EUR -7 million -see Note 23). In the case of the infrastructure projects, all the concession assets have been pledged as security for the borrowings of the concession operators. The borrowing costs capitalised in this connection in 2013 are detailed in Note 26. The changes in these assets in 2012 were as follows: Millions of euros Balances at 01/01/12 Total additions Total disposals Transfers Exchange rate effect Balances at 31/12/12 Spanish toll roads 2,577 -- -- -92 -- 2,485 US toll roads 2,854 894 -- -- -80 3,668 Other toll roads 981 2-21 -- -- 962 Investment in toll roads 6,412 896-21 -92-80 7,115 Amortisation - Toll roads -510-21 14 67 1-450 Impairment losses -178 -- -- 18 -- -159 Net investment in toll roads 5,724 875-7 -7-79 6,506 Investment in other infrastructure projects 268 38-7 2 0 301 Amortisation - Other infrastructure projects -32-18 -2 0 0-52 Total net investment - Other infrastructure projects 236 20-9 2 0 249 TOTAL INVESTMENT 6,680 934-28 -90-80 7,416 TOTAL AMORTISATION AND IMPAIRMENT LOSSES -720-39 12 85 1-661 TOTAL NET INVESTMENT 5,960 895-16 -5-79 6,755 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-28

8. Property, plant and equipment The changes in Property, Plant and Equipment in the consolidated statement of financial position were as follows: Millions of euros Other fixtures, Changes in 2013 Land and buildings Plant and machinery tools and furniture TOTAL Investment: Balances at 01/01/13 131 773 677 1,581 Additions 6 38 38 82 Disposals -1-39 -41-81 Changes in the scope of consolidation and transfers 16 49-45 21 Exchange rate effect -2-5 -3-10 Balances at 31/12/13 151 816 626 1,593 Accumulated depreciation and impairment losses at 01/01/13-28 -585-461 -1,074 Depreciation charge for the year -6-63 -44-113 Disposals - 35 31 66 Changes in the scope of consolidation and transfers 3-12 29 20 Exchange rate effect - 3 3 7 Impairment losses on property, plant and equipment - - -15-15 Balances at 31/12/13-30 -623-457 -1,110 Carrying amount at 31/12/13 120 193 170 483 Changes in the scope of consolidation and transfers: The most significant changes in the scope of consolidation in 2013, amounting to EUR 51 million, arose as a result of the acquisition of Enterprise and Steel Ingeniería, as described in Note 5. In addition, all the assets relating to a treatment plant of the Services Division, amounting to EUR 47 million, were transferred to Investments in Infrastructure Projects pursuant to IFRIC 12 (see Note 7). None of the other changes, considered individually, were material. Additions: The most significant additions in 2013 arose in the Services Division, specifically at Ferrovial Servicios España in relation to the construction and fitting-out of container and waste transfer plants and the renewal of cleaning and transport equipment associated with contracts in force (EUR 31 million) and at the Amey Group (EUR 14 million). Also, Ferrovial Agroman acquired specific construction machinery for EUR 19 million, mainly in Chile (EUR 8 million). Disposals or reductions: The disposals arose mainly in the Services Division (EUR 50 million, of which EUR 21 million resulted from the sale of fully depreciated machinery at Amey) and the remainder, recognised mainly under Other Fixtures, Tools and Furniture, related to disposals of obsolete or fully depreciated items at both the Services Division (EUR 25 million) and the Construction Division (EUR 15 million). Other disclosures relating to property, plant and equipment The property, plant and equipment not used in operations are not material with respect to the ending consolidated balances. Impairment losses on other items of property, plant and equipment total EUR 64 million (2012: EUR 49 million), associated mainly with the Services Division. In 2013 an impairment loss totalling EUR 11 million was recognised on the property, plant and equipment associated with Albaida Residuos, S.L. as a result of the lower-than-expected demand for waste at the plant and the adverse effect of the Renewable Energy market reform. The Group has taken out insurance policies to cover the possible risks to which its property, plant and equipment are subject and possible claims that could be brought against it in the ordinary course of its business. The Group considers that the insurance policies provide adequate coverage for such risks. The property, plant and equipment in the course of construction amounts to EUR 29 million (2012: EUR 39 million), corresponding mainly to the items under construction at the Cespa Group (EUR 18 million). The balance of Property, Plant and Equipment at 31 December 2013 includes EUR 75 million (2012: EUR 78 million) relating to the carrying amount of Services Division assets that have been pledged as security for bank borrowings. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-29

Millions of euros CHANGES IN 2012 Land and Plant and Other fixtures, tools buildings machinery and furniture TOTAL Investment: Balances at 01/01/12 187 782 660 1,629 Additions 2 45 60 108 Disposals -1-52 -36-88 Changes in the scope of consolidation and transfers -59-6 -10-75 Exchange rate effect 2 3 2 7 Balances at 31/12/12 131 773 678 1,581 Accumulated depreciation and impairment losses at 01/01/12-23 -569-410 -1,002 Depreciation charge for the year -5-61 -50-116 Disposals - 47 27 75 Changes in the scope of consolidation and transfers -1 1-25 -25 Exchange rate effect - -3-1 -4 Impairment losses on property, plant and equipment - - -2-2 Balances at 31/12/12-28 -585-461 -1,074 Carrying amount at 31/12/12 104 188 215 507 9. Investments in associates The detail of the investments in companies accounted for using the equity method at 2013 year-end and of the changes therein in 2013 is shown in the table below. Due to their significance, the investments in 407 ETR (43.23%) and Heathrow Airport Holdings (HAH) (25%) are presented separately. 2013 Millions of euros HAH (25%) 407 ETR (43.23%) Other TOTAL Balance at 31/12/12 1,604 2,678 41 4,322 Changes in ownership interest -419 0 0-419 Share of results 297 65 13 375 Dividends received and equity reimbursed -219-217 -24-461 Exchange differences -41-269 0-311 Other 40 4 12 56 Balance at 31/12/13 1,261 2,260 41 3,562 The main reasons for these variations are: - The main change relates to the reduction of the ownership interest in Heathrow Airport Holdings (HAH) following the 8.65% divestment carried out in the year, which is described in Notes 1.2 and 23. As a result of this sale, the Group owns 25% of the share capital of HAH, down from 33.65% at 2012 year-end. Also noteworthy among the changes relating to HAH are the dividends received from this investee, amounting to EUR 219 million, and the inclusion of the share in its profit for the year, EUR 297 million, as well as the negative impact of EUR -41 million resulting from the depreciation of the pound sterling against the euro. The other changes relate mostly to the effects of changes in the value of derivatives and pension plans recognised in reserves. - The change in the value of 407 ETR was due basically to the dividends of EUR 217 million received in the year, the EUR 65 million share in its profit, and the translation differences amounting to EUR -269 million at 31 December 2013. In view of the importance of the investments in HAH and 407 ETR, set forth below is a detail of the balance sheets and income statements of these two companies, adjusted to bring them into line with Ferrovial's accounting policies, together with comments on the changes therein in 2013. In this respect, it should be noted that the financial statements of both HAH and 407 ETR include the amount of the gain arising from remeasuring the fair value of the investments retained following the loss of control thereof in 2011 and 2010, respectively. 9.1 Information relating to HAH a. Impairment test The impairment test carried out on this investment at year-end concluded that it was not impaired at December 2013. It should be noted that Heathrow passenger numbers and gross profit from operations were above budget in 2013. The assumptions used in order to value the investment for impairment test purposes were as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-30

For the Heathrow business plan, the Group uses the building blocks approach applied by the UK Civil Aviation Authority (CAA), in which revenue yields are determined by reference to the existing regulated asset base (RAB), the future capital expenditure plan and the return on assets. The value of the investment is calculated by discounting the future cash flows per the business plan, using the adjusted present value (APV) method until 2038 and a multiple for that year of 1.15 x RAB. From 1 April 2014 a rate of return on capital investment (WACC) of 5.35% is considered, which represents an annual cap on airport charges of RPI -1.5% until December 2018. This assumption is based on the remuneration set by the CAA for Q6 in its Final Decision issued in January 2014. In the long term, the development of a third runway at Heathrow is considered. The unlevered discount rate (Ku) is 7.6% and the tax shield generated by the debt is discounted at the cost of the debt. The result of the valuation is higher than the carrying amount of the assets. In this regard, it should be noted that the sale of 8.65% of HAH by Ferrovial in 2013, described in Note 1.2, is a further indication that this investment is not impaired, since the price of the sale transaction was approximately 7% higher than the carrying amount of the asset. Lastly, sensitivity analyses were performed on the main assumptions, the most important of which envisaged a scenario in which the third runway at Heathrow is not built. In this case, the valuation would be similar to that evidenced by the aforementioned transaction. b. Changes in the balance sheet and income statement 2013-2012 In view of the importance of this investment, following is a detail of the balance sheet and income statement for this group of companies, adjusted to bring them into line with Ferrovial's accounting policies, together with comments on the changes therein in 2013. The balance sheet figures shown relate to the full balances of HAH and are presented in pounds sterling. The exchange rates used in 2013 are EUR 1=GBP 0.8323 (2012: GBP 0.8130) for the balance sheet figures and EUR 1=GBP 0.8494 (2012: GBP 0.8107) for the income statement. 25% of the equity of the investee does not correspond to the carrying amount of the investment, since the carrying amount also includes the amount of the gain arising from the remeasurement at fair value of the investment retained following the sale of a 5.88% ownership interest in HAH in October 2011. The gain was recognised as an addition to goodwill. Balance sheet HAH (100%) GBP (millions) 2013 2012 Change HAH (100%) GBP (millions) 2013 2012 Change Non-current assets 19,448 18,555 893 Equity 4,199 3,875 324 Goodwill 4,933 4,903 30 Equity attributable to Ferrovial 1,050 1,304-254 Investments in infrastructure projects 14,277 13,276 1,001 Non-current liabilities 14,357 14,827-469 Non-current financial assets 28 29-1 Provisions for pensions 121 133-12 Pension surplus 0 0 0 Bank borrowings 11,967 12,359-392 Deferred tax assets 0 0 0 Deferred tax liabilities 1,073 1,164-91 Financial derivatives 174 322-149 Financial derivatives 1,178 1,158 20 Other non-current assets 37 25 12 Other non-current liabilities 19 12 7 Assets classified as held for sale 0 1,429-1,429 Liabilities classified as held for sale 0 263-263 Current assets 595 465 130 Current liabilities 1,487 1,485 3 Trade and other receivables 288 289-1 Bank borrowings 878 739 139 Financial derivatives 135 0 135 Trade and other payables 573 645-72 Cash and cash equivalents 162 167-5 Financial derivatives 2 92-90 Other current assets 10 8 2 Other current liabilities 34 9 25 TOTAL ASSETS 20,043 20,449-406 TOTAL EQUITY AND LIABILITIES 20,043 20,449-406 - Investments in infrastructure projects The balance of Investments in Infrastructure Projects increased by GBP 1,001 million in 2013. This change was due mainly to the additions of approximately GBP 1,279 million relating mostly to the investments made in Heathrow Terminal 2, which is scheduled to come into operation in June 2014, and in the baggage handling systems. In addition, borrowing costs of EUR 164 million and software costs of GBP 107 million were capitalised. By contrast, it should be noted that the depreciation and amortisation charge for the year reduced the balance of this heading by approximately GBP 517 million. - Assets and liabilities classified as held for sale At 2012 year-end this heading included assets (GBP 1,429 million) and liabilities (GBP 263 million) relating to Stansted airport, the sale of which was imposed by the UK Competition Commission. This transaction ultimately took place on 28 February 2013 for a Ferrovial, S.A. Consolidated financial statements at 31 December 2013-31

price of GBP 1,500 million and gave rise to a gain of EUR 137 million in the net profit attributable to Ferrovial, as described below in relation to the changes in the income statement of HAH. - Equity Equity amounted to GBP 4,199 million at 31 December 2013, up GBP 324 million with respect to 2012 due mainly to the net effect of the dividends paid (GBP -555 million), the profit for the year (GBP 779 million -EUR 297 million attributable to Ferrovial-) and the positive impact of GBP 97 million recognised in reserves in relation to effective derivatives and pension plans. - Pension plan deficit At 31 December 2013, HAH had a pension plan deficit of GBP 121 million, as compared with a deficit of GBP 133 million at 2012 year-end. This reduction in the deficit (GBP 12 million) was due mainly to the contributions made by the company totalling GBP 130 million (GBP 69 million of ordinary contributions in the year; GBP 24 million of contributions to reduce the deficit, GBP 35 million of extraordinary contributions due to the sale of Stansted and GBP 2 million of sundry contributions) and to the transfer of the plans of Stansted employees, whose pension commitments were assumed by the buyer, amounting to approximately GBP 12 million. These effects were partially offset by the updating of the actuarial assumptions, which had an impact on reserves of GBP - 63 million (GBP -71 million net of tax), and by the cost for period (GBP 64 million) and the related interest cost (GBP 3 million). - Net financial debt The table below shows the net debt position (financial debt less cash) of HAH: GBP (millions) 2013 2012 Change Senior loan facility 496 588-91 Subordinated debt 754 717 37 Security Group borrowings 11,136 11,315-179 Non-Security Group borrowings 325 337-12 Other borrowings -29-26 -3 Total 12,683 12,931-248 Of the total debt of HAH recognised for accounting purposes at 31 December 2013, GBP 11,260 million relate to bond issues (31 December 2012: GBP 10,979 million), of which GBP 10,668 million (2012: GBP 10,387 million) are included in the Security Group borrowings shown in the table above. This group consists of Heathrow (SP) Limited and its subsidiaries, which own Heathrow Airport and operate the Heathrow Express rail service. The companies in the Security Group have granted security over their assets to secure their commitments under the related financing agreements. Each of these companies has also provided a guarantee in respect of the commitments of the other companies. There was a GBP 280 million increase in the aforementioned Security Group bonds, due mainly to a GBP 750 million bond issue and bond maturities totalling GBP 396 million, as well as to exchange differences on foreign-currency denominated bonds, accrued interest and other items amounting to GBP -53 million. Security Group borrowings also includes the effect of the partial repayment of credit facilities and other loans amounting to GBP 398 million and the GBP 82 million decrease in cash. The Senior Loan Facility borrowings underwent restructuring in 2013, which involved a partial repayment of GBP 95 million. Lastly, it should be noted that the subordinated debt increased by GBP 37 million in the year. - Derivative financial instruments at fair value The notional principal amount of HAH's derivatives portfolio totals GBP 11,404 million, including interest rate swaps (IRSs) with a notional amount of GBP 2,611 million, cross currency swaps (hedging bonds issued in foreign currency) (GBP 3,503 million), indexlinked securities (ILSs) (GBP 5,266 million), exchange rate derivatives (GBP 21 million) and equity swaps (GBP 3 million). The change in the net value (asset/liability position) of these financial instruments gave rise to a GBP 56 million decrease in liabilities in 2013. Of this change, GBP 235 million related to a positive impact on reserves, and fair value adjustments were also made, including mainly the expense generated by the index-linked securities (GBP -146 million) as a result of the increase in the UK inflation rate and the impact relating to the cross currency swaps (GBP -98 million), although these last-mentioned derivatives barely have an impact on profit or loss since they are offset by the fair value adjustments of the foreign currency bonds hedged by these instruments. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-32

Income statement 2013-2012 The following table shows the changes in HAH's income statement in 2013 with respect to 2012. HAH (100%) GBP (millions) 2013 2012 Change Operating income 2,684 2,646 38 Operating expenses -1,235-1,312 76 Gross profit from operations 1,449 1,334 115 Depreciation and amortisation charge -517-583 66 Profit from operations before impairment and non-current asset disposals 932 751 181 Impairment and disposals of non-current assets 348 151 196 PROFIT FROM OPERATIONS 1,280 903 377 Financial result -764-665 -99 Profit before tax 516 238 278 Income tax 262 122 141 Net profit 779 360 419 Profit attributable to Ferrovial (millions of euros) 297 223 74 Noteworthy in relation to the results for 2013 were certain non-recurring impacts on net profit totalling GBP 580 million (EUR 223 million attributable to Ferrovial), including most notably the impact of fair value adjustments on derivatives of GBP -53 million after tax (effect of EUR -28 million on the net profit attributable to Ferrovial) and the gain obtained on the sale of Stansted Airport in February 2013, which resulted in a net gain of GBP 346 million (EUR 137 million attributable to Ferrovial). Also, in 2013 adjustments totalling GBP 287 million were made to tax provisions and deferred tax liabilities (EUR 114 million attributable to Ferrovial), the most significant effect relating to the reduction of the tax rate in the UK to 20%. It should be borne in mind that the profit attributable to Ferrovial does not correspond to the 25% equity interest at year-end, since it is calculated by reference to the various percentages of ownership held by the Company during the year. Thus, the attributable profit for first ten months of the year was calculated at 33.65%, and that for November and December at 25%. 9.2 Information relating to 407 ETR a. Impairment test An impairment test was performed on this investment at year-end. The methodology used is described in Note 5 in relation to Toll Road Division goodwill. It should be noted that in 2013 the 407 ETR toll road outperformed budget estimates in terms of traffic, revenue and gross profit from operations. The expected flows for the shareholders were discounted at an estimated cost of capital of 7.0% (December 2012: 8.0%). This decrease in the discount rate is related to the stabilisation of sovereign bonds. Sensitivity analyses were performed on the main assumptions, such as the discount rate and revenue growth. The conclusion of the test was that, in all scenarios, the value of the investment is far higher than the carrying amount of the asset. b. Changes in the balance sheet and income statement 2013-2012 In view of the importance of this investment, following is a detail of the balance sheet and income statement for this group of companies at 31 December 2013 and 2012. These figures relate to the full balances of 407 ETR and are presented in millions of Canadian dollars. The exchange rates used in 2013 are EUR 1=CAD 1.4655 (2012: CAD 1.3130) for the balance sheet figures and EUR 1=CAD 1.3767 (2012: CAD 1.2896) for the income statement. 43.23% of the equity does not correspond to the carrying amount of the investment, since the carrying amount also includes the amount of the gain arising from the remeasurement at fair value of the investment retained following the sale of a 10% ownership interest in 407 ETR in 2010. This increase in value was recognised as an intangible asset associated with the concession and is being amortised over the term of the concession. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-33

Balance sheet 2013-2012 407 ETR (100%) CAD (millions) 2013 2012 Change 407 ETR (100%) CAD (millions) 2013 2012 Change Non-current assets 8,577 8,604-27 Equity 2,343 2,792-450 Goodwill 1,319 1,319 0 Equity attributable to Ferrovial 3,312 3,516-204 Investments in infrastructure projects 6,710 6,702 8 Non-current liabilities 6,538 6,151 387 Non-current financial assets 326 301 25 Bank borrowings 6,123 5,766 357 Deferred tax assets 226 285-59 Deferred tax liabilities 415 385 30 Other non-current assets -4-3 0 Other non-current liabilities 0 0 0 Current assets 527 475 52 Current liabilities 224 136 88 Trade and other receivables 156 154 2 Bank borrowings 151 76 76 Cash and cash equivalents 371 322 50 Trade and other payables 72 60 12 TOTAL ASSETS 9,104 9,079 25 TOTAL EQUITY AND LIABILITIES 9,104 9,079 25 Set forth below is a description of the main changes in the balance sheet of 407 ETR at 31 December 2013 with respect to the preceding year: - Bank borrowings Non-current bank borrowings increased by CAD 357 million from CAD 5,766 million at 2012 year-end to CAD 6,123 million at 31 December 2013, due mainly to two bond issues: Issue on 10 June of the 12-A2 bond series amounting to CAD 200 million, maturing in 2052. Issue on 2 October of the 13-A1 bond series amounting to CAD 200 million, maturing in 2053. - Equity Equity dropped by CAD 450 million with respect to 2012, mainly as a result of inclusion of profit for the year of CAD 231 million and the payment of a dividend of CAD 680 million to shareholders. Income statement 2013-2012 The following table shows the changes in the income statement of 407 ETR in the year ended 31 December 2013 with respect to 2012: 407 ETR (100%) CAD (millions) 2013 2012 Change Operating income 801 734 67 Operating expenses -136-126 -11 Gross profit from operations 665 608 57 Depreciation and amortisation charge -63-61 -2 Net profit from operations 602 548 55 Financial result -265-304 39 Profit before tax 338 244 94 Income tax -89-69 -20 Net profit 249 174 74 Intangible asset amortisation -18-17 0 Profit attributable to Ferrovial (millions of euros) 65 42 23 The income statement above includes, in addition to the profit earned by the concession operator, the amortisation of the intangible asset recognised as a result of the remeasurement at fair value of the investment retained after the sale of a 10% ownership interest in 2010. It also includes net fair value adjustments of CAD 24 million (EUR 7 million attributable to Ferrovial) relating to 407 ETR's Synthetic Inflation Protected Securities (SIPS); a SIP is a hybrid instrument between a conventional nominal bond and a Real Return Bond whose carrying amount is adjusted to its market value as if it were a derivative. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-34

9.3 Other associates The detail of the other investments in associates is shown in the following table: Millions of euros Division % of ownership 2013 Emesa - Calle 30 Services 50%/10% 10 Amey joint ventures Services From 2% to 50% 19 Inusa Ing. Urbana, S.A. Services 35% 7 Reciclaje y Compostaje Piedra Negra Services 49% 4 Indiana Toll Road Toll Roads 50% 0 Nea Odos Toll Roads 33.34% 0 Central Greece Toll Roads 33.34% 0 Serranopark Toll Roads 50% 0 Other Other - 15 Allowances Toll Roads - -14 TOTAL 41 As can be observed, the main companies with positive carrying amounts are those from the Services Division. They include most notably EMESA, holder of a contract for the maintenance of the Calle 30 road in Madrid and in turn owner of 20% of the Calle 30 concession operator (10% attributable to Ferrovial), and various joint ventures in which Amey and other venturers perform certain services contracts. Noteworthy among these contracts are a UK Ministry of Justice contract for prisoner escorting and custody services and several Ministry of Defence contracts for the maintenance of service family accommodation. In addition, there are four Toll Roads Division associates whose carrying amounts are zero. Under IAS 28, if an investor s share of losses of an associate equals or exceeds its interest in the associate, the investor discontinues recognising its share of further losses, unless the investor has incurred legal or constructive commitments that make it necessary to recognise a liability for additional losses after the investor s interest is reduced to zero. The main associates with respect to which the value of Ferrovial's interest, in accordance with the foregoing, is zero are as follows: - The Indiana Toll Road concession operator, in which Ferrovial has a 50% ownership interest. At 31 December 2013, this company had an equity deficit of EUR -267 million (in proportion to Ferrovial's ownership interest), including a net loss for the year of EUR -175 million (not recognised). The equity deficit arose mainly as a result of changes in the fair value of the derivative arranged for the concession. This derivative, which has a notional amount of EUR 2,683 million and matures in 2026, had a total value of EUR -714 million. Lastly, at 2013 year-end Indiana Toll Road's period revenue amounted to EUR 155 million, its assets totalled EUR 2,875 million and its borrowings stood at EUR 2,783 million. The borrowings mature in 2015 and are currently being renegotiated with the respective banks. - The Nea Odos and Central Greece toll road concession operators, in which Ferrovial has a 33.34% ownership interest. At 31 December 2013, a provision has been recognised for the full amount of the investment. In December 2013 the consortium partners, the creditor banks and the Greek government reached an agreement aimed at ensuring the viability of these projects. As a result of this agreement, Ferrovial will not make any additional capital contributions to the projects and, therefore, in the coming months its ownership interest will be diluted, through new contributions scheduled to be made by the Greek partners, down to 21% in Ionian and 28% in Central Greece. Also, the guarantees that Ferrovial had granted for the projects were released and, accordingly, a provision of EUR 55 million for contingencies and charges (in respect of possible liability under the guarantees) was reversed (see Note 23 and Note 17). Lastly, as a result of the agreement, Ferrovial Agroman withdrew from the construction contract and received EUR 37 million in cash. - Serrano Park, the car park concession operator in Madrid, in which the Group has a 50% ownership interest. The fall in demand led to the recognition of a provision of EUR -14 million, of which EUR -10 million relate to a loan granted to the operator's parent, Cintra Infraestructuras, classified under Non-Current Financial Assets, and EUR -4 million to guarantees granted (see Note 22). See Appendix I for a detail of the associates, including their carrying amount accounted for using the equity method and their main aggregates. 9.4 Other disclosures relating to companies accounted for using the equity method There are no significant restrictions on the capacity of associates to transfer funds to the Parent in the form of dividends, debt repayments or advances other than such restrictions as might arise from the financing agreements of those associates or from their own financial situation, and there are no contingent liabilities relating to associates that might ultimately be assumed by the Group. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-35

The only company accounted for using the equity method in which the ownership interest is below 20% is Madrid Calle 30. The equity method is used because, although Ferrovial only has an indirect ownership interest of 10%, it has the power to appoint one member of the Board of Directors. There are no significant companies in which the ownership interest exceeds 20% that are not accounted for using the equity method. The guarantees granted by Group companies to companies accounted for using the equity method are detailed in Note 22. The changes in Investments in Associates in the consolidated statement of financial position in 2012 were as follows: 2012 Millions of euros HAH (33.65%) 407 ETR (43.23%) Other TOTAL Balance at 31/12/11 2,353 2,823 23 5,199 Changes in the scope of consolidation -791 0 0-791 Share of results 223 45 7 275 Dividends received and equity reimbursed -143-201 0-345 Exchange differences 72 21 0 92 Other -109-9 11-108 Balance at 31/12/12 1,604 2,678 40 4,322 10. Non-current financial assets The changes in Non-Current Financial Assets in the year ended 31 December 2013 were as follows: CHANGES IN 2013 Long-term accounts receivable relating to infrastructure projects Available-forsale financial assets Millions of euros Restricted cash Other noncurrent financial assets Balance at 01/01/13 1,334 1 148 192 1,674 Additions 52 0 19 24 95 Disposals -48 0-1 -20-68 Transfers 0 0 0-42 -42 Changes in the scope of consolidation 4 0 160 0 164 Exchange rate effect -2 0-9 -2-13 Balance at 31/12/13 1,341 1 317 152 1,810 TOTAL Note: balances presented net of allowances. Long-Term Accounts Receivable relating to Infrastructure Projects includes financial assets arising from the application of IFRIC 12 (see Note 2.5.3) and relates mainly to amounts receivable at long term (more than twelve months) from governments in return for services rendered or investments made under a concession arrangement. The amounts receivable at short term in this connection are recognised under Trade Receivables for Sales and Services (see Note 13). Following is a detail of the main concession arrangements accounted for using the financial asset model and of the balances of the accounts receivable at 31 December 2013 and 2012: Concession operator Country Concession term (years) First year of concession Balances at 31/12/13 Balances at 31/12/12 Longterm account receivable Shortterm account receivable (Note 13) Total 2013 Longterm account receivable Shortterm account receivable (Note 13) Autema Spain 50 1986 513 84 596 490 75 565 Auto-Estradas Norte Litoral Portugal 30 2001 286 50 336 305 47 353 Eurolink M3 Ireland 30 2003 216 29 245 223 29 252 Toll roads 1,015 162 1,177 1,018 152 1,170 Concesionaria de Prisiones Lledoners Spain 32 2008 73 1 74 74 1 75 Concesionaria de Prisiones Figueras Spain 32 2008 127 0 127 122 0 122 Budimex Parking Wrocław Poland 30 2012 5 0 5 0 0 0 Construction 205 1 206 196 1 196 Waste treatment plants in Spain Spain 15-20 2006-2013 31 4 35 32 4 36 Waste treatment plants in the UK UK 18-28 2008-2013 90 3 93 88 0 88 Services 121 7 127 120 4 124 Total Group 1,341 170 1,511 1,334 157 1,490 Total 2012 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-36

Restricted Cash relates to deposits at toll road concession operators, the use of which is limited to certain purposes established in the concession arrangement, such as payment of future investments or operating expenses, and debt servicing. The most significant change in the year arose at the NTE 3A-3B toll road and related to the cash obtained on the recent bond issue, the use of which is restricted to meeting future investment commitments This heading also includes the deposits corresponding to Chicago Skyway (EUR 59 million; 2012: EUR 58 million), Auto-Estradas Norte Litoral (EUR 34 million at 31 December 2013; 2012: EUR 29 million) and Euroscut Algarve (EUR 21 million at 31 December 2013; 2012: EUR 16 million). Lastly, Other Non-Current Financial Assets includes: o o o o o Participating loans to associates amounting to EUR 46 million (2012: EUR 12 million). Loans to associates of the Services Division amounting to EUR 20 million (2012: EUR 70 million). Trade accounts receivable by the Services and Construction Divisions from various public authorities, mainly municipal councils and autonomous community governments, which had been renegotiated at long term, amounting to approximately EUR 34 million (2012: EUR 16 million). Other trade receivables, mainly from various public authorities in connection with long-term contracts, amounting to EUR 36 million (31 December 2012: EUR 80 million). Long-term deposits and guarantees amounting to EUR 14 million (December 2012: EUR 14 million). The changes in these items in 2012, for information purposes, were as follows: CHANGES IN 2012 Long-term accounts receivable relating to infrastructure projects Available-forsale financial assets Millions of euros Restricted cash Other noncurrent financial assets Balance at 01/01/12 1,279 0 390 243 1,912 Changes in accounting policies 0 0 0 6 6 Additions 58 0 14 61 133 Disposals -6 0-256 -111-373 Changes in the scope of consolidation 0 0 0-8 -8 Exchange rate effect 3 1-1 1 4 Balance at 31/12/12 1,334 1 147 192 1,674 11. Derivative financial instruments at fair value a) Breakdown by type of derivative, changes, maturities and main features The table below includes a detail of the fair values of the derivatives arranged at 31 December 2013 and 2012, as well as the maturities of the notional amounts to which the derivatives relate (maturities of notional amounts are shown as positive figures and already-arranged future increases are presented as negative amounts): TOTAL Millions of euros Fair value Notional amount maturities Balances at 31/12/13 Balances at 31/12/12 2014 2015 2016 2017 2018 and subsequent years TOTAL Type of instrument ASSET BALANCES 162 166 624 259-2 -2 56 934 Index linked swaps, Toll Roads 141 157-2 -3-2 -2 56 46 Interest rate swaps, Corporate 1 0 0 250 0 0 0 250 Equity swaps 4 0 0 12 0 0 0 12 Exchange rate derivatives, Corporate 4 9 384 0 0 0 0 384 Other derivatives 12 0 242 0 0 0 0 242 LIABILITY BALANCES 1,019 1,633 334 71 337 73 3,342 4,157 Equity swaps (*) 16 89 129 43 152 0 0 324 Interest rate swaps, Toll Roads 948 1,446 16 22 30 61 2,967 3,096 Interest rate swaps, Corporate 5 14 0 0 0 0 250 250 Exchange rate derivatives, Corporate 2 5 226 0 0 0 0 226 Other derivatives 48 79-37 6 155 12 125 261 NET BALANCES (LIABILITY) -857-1,467 958 330 335 71 3,398 5,091 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-37

The cash flows composing the fair value of the derivatives mature as follows: Millions of euros Fair value Cash flow maturities (*) The items indicated are the main derivatives arranged by the Group that do not qualify for hedge accounting, as explained in this Note. Following is a description of the main types of derivatives and of the most significant changes therein in 2013: It should be noted that initial application of IFRS 13, Fair Value Measurement, which entails the inclusion of credit risk in the measurement of derivative financial instruments, took place in 2013. This resulted in a reduction of EUR 197 million in liabilities relating to derivatives, mainly interest rate derivatives (with an impact on reserves and profit attributable to the Parent of EUR 73 million and EUR 4 million, respectively), and a reduction of EUR 46 million in assets relating to index linked derivatives (impact of EUR -25 million on reserves attributable to the Parent). The methodology used to calculate the spread is described in Note 2.3. Toll Road Division derivatives Interest rate swaps -Toll Roads In order to hedge the interest rate risk in toll road infrastructure projects, the concession holders have arranged interest rate hedges on the projects debt, establishing a fixed or increasing interest rate for a total notional amount of EUR 3,096 million at 31 December 2013. Taken as a whole, the fair value of these hedges rose from EUR -1,446 million at 31 December 2012 to EUR -948 million at 2013 year-end, due to the across-the-board rise in long-term interest rates and the application of IFRS 13, as mentioned above. Since these derivatives are considered to be effective, the changes in their fair value had a positive impact on reserves of EUR 509 million (EUR 203 million attributable to the Parent, after tax and non-controlling interests), while the changes in settlements and accruals gave rise to an impact of EUR -156 million on the financial result and a net cash outflow of EUR 114 million. Index linked swaps -Toll Roads This item relates exclusively to Autema, which in 2008 arranged an index linked swap to hedge income variability, by means of which an annual CPI of 2.50% was fixed. This hedge, which was considered effective, had an impact of EUR -19 million on reserves (EUR -10 million after tax, attributable to the Parent). Corporate derivatives Interest rate swaps - Corporate Balances at 31/12/13 Balances at 31/12/12 2014 2015 2016 2017 2018 and subsequent years The main change with respect to the consolidated financial statements for the year ended 31 December 2012 was the cancellation of IRSs with a notional amount of EUR 300 million, which were hedging the corporate debt, substantially all of which was repaid in 2013 and replaced by bonds, as described in Note 18. Also, in relation to the aforementioned bond issues launched in the year, new interest rate derivatives were arranged for a notional amount of EUR 500 million, maturing in 2015 (EUR 250 million) and in 2021 (EUR 250 million). Since they convert a portion of the fixed interest rate on the bonds into a floating interest rate, these derivatives constitute a partial fair value economic hedge of the aforementioned bond issues; however, only one of them (with a notional amount of EUR 250 million) qualifies for hedge accounting. TOTAL Type of instrument ASSET BALANCES 162 166 18 8 4 5 127 162 Index linked swaps, Toll Roads 141 157 2 4 4 5 126 141 Interest rate swaps, Corporate 1 0 0 0 0 0 1 1 Equity swaps 4 0 0 4 0 0 0 4 Exchange rate derivatives, Corporate 4 9 4 0 0 0 0 4 Other derivatives 12 0 12 0 0 0 0 12 LIABILITY BALANCES 1,019 1,633 154 126 70 216 452 1,019 Equity swaps (*) 16 89 17 9-9 0 0 16 Interest rate swaps, Toll Roads 948 1,446 119 111 90 215 414 948 Interest rate swaps, Corporate 5 14-1 -2-1 1 7 5 Exchange rate derivatives, Corporate 2 5 2 0 0 0 0 2 Other derivatives 48 79 17 9-9 0 31 48 NET BALANCES (LIABILITY) -857-1,467-136 -119-66 -211-325 -857 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-38

Equity swaps Ferrovial has arranged equity swaps in order to hedge against the possible impact on equity resulting from the exercise of the share-based remuneration schemes granted to its employees. The modus operandi of these equity swap contracts is as follows: - The calculation base is a given number of Ferrovial shares and a reference price, which is normally the market price of the share on the grant date. - For the duration of the contract, Ferrovial pays interest equivalent to a given interest rate (EURIBOR plus a spread, to be applied to the result of multiplying the number of shares by the exercise price) and receives the dividends corresponding to those shares. - When the swap matures, if the share price has increased, Ferrovial will receive the difference between the market price and the reference price. If the share price has fallen, Ferrovial will pay the difference to the bank. These equity swaps do not qualify for hedge accounting and the related gains or losses are recognised as fair value adjustments under Financial Result. The change in value in 2013 was due to the increase in the Ferrovial share price from EUR 11.20 at 31 December 2012 to EUR 14.07 at 31 December 2013, which gave rise to income of EUR 68 million (net result of EUR 48 million). The change in 2012 gave rise to income of EUR 46 million (net result of EUR 32 million). It should be noted that the impact on cash in the year was a net cash inflow of EUR 1 million (outflow of EUR 13 million in settlements and interest payments, offset by dividend proceeds of EUR 14 million). At 2013 year-end, these derivatives had a notional amount equivalent to 23 million shares, which, based on the exercise price of the equity swaps (the price at which they must be settled with the banks), represented a total notional amount of EUR 336 million. Exchange rate derivatives - Corporate These derivatives relate to corporate hedges of foreign currency risk, the main aim of which is to protect against the volatility of future cash flows in foreign currencies (basically the pound sterling and the US dollar). Their notional amount totalled EUR 610 million at 31 December 2013 and they mature in the short term. Other derivatives Other Derivatives, with an aggregate notional amount of EUR 205 million, includes mainly interest rate hedges of the Construction and Services Divisions, as well as certain exchange rate derivatives of the Toll Roads and Construction Divisions. In addition to the derivatives described in this Note, it should be noted that HAH, which is accounted for using the equity method, has arranged derivatives with a notional amount of EUR 13,701 million (GBP 11,404 million), as described in greater detail in Note 9. b) Main effects on profit or loss and equity The changes for accounting purposes in the main derivatives arranged by fully consolidated companies, detailing the fair values thereof at 31 December 2013 and 2012, and the impact on reserves, profit or loss and other statement of financial position items are as follows: Millions of euros Fair value Impacts Balance at 31/12/13 Balance at 31/12/12 Change Impact on reserves (I) Impact on profit or loss of fair value changes (II) Impact on financial result (III) Cash (IV) Exchange rate (V) Other impacts on equity or profit or loss (VI) Type of instrument Index linked swaps, Toll Roads 141 157-16 -19-1 0-1 0 5-16 Interest rate swaps, Toll Roads -948-1,446 497 509 0-156 114 30 0 497 Interest rate swaps, Corporate -3-14 11 4-3 0 10 0 0 11 Equity swaps -12-90 78 0 68 11-1 0 0 78 Exchange rate derivatives, Corporate 1 2 0-18 0 0 15 0 3 0 Other derivatives -36-76 40 23 6-11 14 10-1 40 TOTAL -857-1,467 609 499 71-157 150 40 7 609 Derivatives are recognised at market value at the arrangement date and are subsequently measured at fair value. Changes in the value of these derivatives are recognised for accounting purposes as follows: - The changes in the year in the fair value of the derivatives that qualify for hedge accounting are recognised in reserves (column I). TOTAL Ferrovial, S.A. Consolidated financial statements at 31 December 2013-39

- The changes in fair value of the derivatives that do not qualify for hedge accounting or that are considered to be held for speculative purposes are recognised as a fair value adjustment in Group profit or loss (column II) and are reflected separately in the income statement. - Impact on Financial Result (column III) reflects the impact on Financial Result on Financing arising from the interest flows accrued during the year. - Cash (column IV) indicates net payments and collections during the year. - The impact of the difference between closing exchange rates at December 2013 and 2012 is also presented separately (column V). - Lastly, Other Impacts shows the impacts on profit or loss from operations or other impacts not considered in the other columns (column VI). The fair value adjustments presented in the consolidated income statement include, in addition to the EUR 71 million shown in the table above, a positive impact of EUR 8 million relating to the fair value of the bond issued by Ferrovial, S.A. in May 2013 (see Note 18) on which a partial fair value hedge was arranged, as mentioned above, and, accordingly, both the associated hedging instrument (IRS) and the hedged item (the bond) are recognised at fair value through profit or loss. Including this impact, the total fair value adjustment under the Group's Financial Result amounted to EUR 79 million. c) Derivative measurement methods All the Group s derivative financial instruments and other financial instruments carried at fair value are included in LEVEL 2 of the fair value measurement hierarchy, since although they are not quoted on regulated markets, the inputs on which their fair values are based are observable, either directly or indirectly. Although the fair value measurements are performed by the Company using an internally developed valuation tool, in any event they are compared against the valuations received from the counterparty banks, on a monthly basis. Equity swaps are measured as the sum of the difference between the market price of the share on the calculation date and the unit settlement price agreed at inception, multiplied by the number of shares under the contract, and the present value of the finance cost agreed upon in the contract. The other instruments are measured by quantifying the net future cash inflows and outflows, discounted to present value, with the following specific features: - Interest rate swaps: the future cash flows with floating reference rates are estimated by using current market assessments of the time value of money; and each flow is discounted using the market zero-coupon rate for the respective settlement period and currency at the measurement date. - Index linked swaps: the future cash flows are estimated by projecting the future behaviour implicit in the market curves on the measurement date, for both reference interest rates and reference inflation rates. As in the cases described above, the flows are discounted using the discount rates obtained at the measurement date for each flow settlement period and currency. Lastly, credit risk, which pursuant to IFRS 13 has been included in the measurement of derivatives for the first time, is estimated as follows: - With regard to the cash flows payable by the banks, as a general rule the credit risk premium applicable to the bank's credit rating is considered. - With regard to the cash flows payable by the Group company itself, if that company has a rating, the credit risk premium attributable to that rating is considered. If the Group company does not have a rating, the company's solvency ratios are analysed and, based on public information on rating methods, a hypothetical rating level is determined and, therefore, the corresponding risk premium. This risk premium could be modified in the future in the event of a substantial change in the company's solvency position. 12. Inventories The detail of inventories at 31 December 2013 and 2012 is as follows: Balance at 31/12/13 Balance at 31/12/12 Change 2013-2012 Commercial inventories 183 228-45 Raw materials and other supplies 105 123-18 Precontract expenses and general fixtures 37 43-6 Total 325 394-69 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-40

Of the goods held for resale recognised at 31 December 2013, EUR 152 million relate to the Real Estate business in Poland, comprising land and building lots amounting to EUR 86 million (2012: EUR 107 million) and property developments at various stages of completion amounting to EUR 66 million (2012: EUR 70 million). EUR 81 million of raw materials and other supplies relate to the Construction Division, mainly at its Webber (EUR 37 million) and Budimex (EUR 21 million) subsidiaries. In addition, at December 2013, EUR 22 million were recognised for the Services Division, mainly in relation to its UK subsidiaries Amey (EUR 13 million) and Enterprise (EUR 7 million). Lastly, the balance of Precontract Expenses and General Fixtures corresponds mainly to the Construction Division (EUR 33 million). At 31 December 2013, there were no inventories of a significant amount, other than those associated with property developments (amounting to EUR 21 million), that were subject to ownership restrictions or had been pledged to secure liabilities. 13. Trade and other receivables a) Trade receivables for sales and services The detail of Trade Receivables for Sales and Services at 31 December 2013 and 2012 is as follows: Balances at 31/12/13 Millions of euros Balances at 31/12/12 Change 2013-2012 Trade receivables 1,268 1,409-141 Amounts to be billed for work performed 627 538 89 Retentions as guarantees 57 90-32 Allowances -317-394 77 Total trade receivables for sales and services 1,635 1,642-8 Trade Receivables for Sales and Services decreased by EUR 8 million from EUR 1,642 million at 31 December 2012 to EUR 1,635 million at 31 December 2013. This change was due mainly to two factors: on the one hand, the acquisitions of Enterprise and Steel (described in Note 1.2), whose inclusion in the Group's scope of consolidation increased trade receivables by EUR 157 million and EUR 9 million, respectively (EUR 109 million and EUR 7 million, respectively, at 31 December 2013); and, on the other hand, the amounts collected under Royal Decree-Law 8/2013 extending the financing mechanism for payments to suppliers of local authorities and autonomous community governments. The Group received payments under this Royal Decree-Law totalling EUR 129 million (31 December 2012: EUR 690 million), of which EUR 117 million related to the Services Division and EUR 12 million to the Construction Division. Also, at 31 December 2013 a total of EUR 160 million (31 December 2012: EUR 145 million) had been deducted from Trade Receivables for Sales and Services relating to assets derecognised as a result of deferred financing arrangements, since it was considered that they met the conditions stipulated in IAS 39.20 regarding the derecognition of financial assets. In addition, at 31 December 2012 a further EUR 3 million had been deducted relating to assets derecognised as a result of factoring arrangements that also met the conditions of IAS 39.20. Following is a detail, by type of debtor, of the main trade receivables. Construction Services Other and adjustments Total Public authorities 315 37% 828 82% 27 n/a 1,170 72% Private-sector customers 210 25% 141 14% 32 n/a 383 23% Group companies and associates 329 39% 36 4% -284 n/a 81 5% Total 853 100% 1,006 100% -225 n/a 1,635 100% This detail shows that 72% of the Group's customers are public authorities and the rest are private-sector customers. In order to manage credit risk relating to private customers, the Group has implemented pre- and post-contracting measures. Precontracting measures include the consultation of debtor registers, ratings and solvency studies, etc., while post-contracting measures during the execution of construction work include the follow-up of contractual incidents, non-payment events, etc. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-41

The changes in operating provisions and allowances were as follows: Millions of euros Changes in provisions and allowances 2013 2012 Change 2013-2012 Beginning balance 394 342 52 Changes in the scope of consolidation 1 0 1 Amounts charged to profit or loss -69 49-118 Charge for the year 21 102-81 Reversals -90-52 -37 Amounts used -6 0-6 Exchange rate effect -1 3-4 Transfers and other -2 0-2 Ending balance 317 394-77 Group management considers that the carrying amount of trade receivables approximates their fair value. b) Other receivables The detail of Other Receivables at 31 December 2013 and 2012 is as follows: Balances at 31/12/13 Millions of euros Balances at 31/12/12 Change 2013-2012 Advances to suppliers 68 40 27 Sundry accounts receivable 104 99 5 Infrastructure project receivables 175 167 9 Receivable from public authorities 123 130-7 Total other receivables 470 436 33 The most significant change in Advances to Suppliers was due to the inclusion in consolidation of Enterprise, which at the date of its inclusion in the scope of consolidation had paid advances to its suppliers totalling EUR 16 million (31 December 2013: EUR 19 million). Sundry Accounts Receivable includes mainly receivables not relating to normal business activities amounting to EUR 79 million (at December 2012: EUR 80 million). There are no items included in the change that are material taken individually. Also, Infrastructure Project Receivables includes current financial assets arising from the application of IFRIC 12 relating mainly to amounts receivable from public authorities in return for services rendered or investments made under a concession arrangement, as detailed in Note 10, Non-current financial assets. Lastly, Receivable from Public Authorities includes tax receivables from public authorities other than income tax receivables. c) Other supplementary information on construction contracts and other contracts under which the related revenue and costs are recognised by reference to the stage of completion Contract revenue associated with construction contracts and certain services contracts is recognised by reference to the stage of completion pursuant to IAS 11, as described in Note 2.5.5.1 summarising the accounting policy for revenue recognition. As indicated in that Note, the difference between the revenue recognised and the amounts actually billed to the customer is analysed systematically on a contract-by-contract basis. If the amount billed is lower than the revenue recognised, the difference is recognised as an asset under Trade Receivables for Sales and Services - Amounts to Be Billed for Work Performed (see Note 13- a), whereas if the amount of revenue recognised is lower than the amount billed, a liability is recognised under Trade Payables - Amounts Billed in Advance for Construction Work (see Note 20). Also, in certain construction contracts advances are agreed upon that are paid by the customer when work is commenced on the contract, the balance of which is offset against the various progress billings as the contract work is performed (these balances are recognised under Trade Payables in liabilities in the consolidated statement of financial position - see Note 20). In contrast to the advances, in certain contracts the customer retains a portion of the price to be paid in each progress billing to guarantee the satisfaction of certain commitments under the contract. These retentions are not reimbursed until the contract is Ferrovial, S.A. Consolidated financial statements at 31 December 2013-42

definitively settled (these balances are recognised under Trade Receivables for Sales and Services in assets in the consolidated statement of financial position (see Note 13-a). Unlike Amounts to Be Billed for Work Performed and Amounts Billed in Advance for Construction Work, the advances and retentions are balances that will have an impact on future cash flows, since in the case of the advances a lower amount will be collected in the future as the advances are discounted from the progress billings, whereas the retentions will give rise to higher collections in the future, since the customer will reimburse the related amounts as and when the contract work is settled. The detail of the amounts recognised in this connection at 31 December 2013 and 2012 is as follows: 14. Equity Millions of euros 31/12/13 31/12/12 Change Amounts to be billed for work performed (Note 13-a) 627 538 89 Amounts billed in advance for construction work (Note 20) -596-509 -88 Construction contracts, net 31 29 1 Retentions (Note 13-a) 57 90-32 Advances (Note 20) -154-128 -25 Net advances and retentions -96-39 -58 a) General changes in equity The detail of the main impacts net of taxes that affected the changes in equity in 2013 and which explain the changes in equity in the period from December 2012 to December 2013 is as follows: 2013 Attributable Attributable to Total to equity non-controlling equity holders interests Equity at 31/12/12 5,660 121 5,780 Consolidated profit for the year 727-26 701 Income and expense recognised in equity, fully consolidated companies 70 153 224 Impact on reserves of hedging instruments 119 159 278 Impact on reserves of defined benefit plans -22 0-22 Translation differences -27-5 -33 Income and expense recognised in equity, companies accounted for using the equity method -267 0-267 Impact on reserves of hedging instruments 71 0 71 Impact on reserves of defined benefit plans -28 0-28 Translation differences -311 0-311 Amounts transferred to profit or loss, fully consolidated companies -4 0-4 Amounts transferred to profit or loss, companies accounted for using the equity method 15 0 15 Total income and expense recognised directly in equity 541 127 668 Dividends paid -477-14 -491 Capital increases/reductions 0 116 116 Other transactions with equity holders -6 0-6 Transactions with equity holders -483 103-380 Other changes 0 5 5 Equity at 31/12/13 5,719 355 6,074 Following is a description of the main changes in shareholders equity in 2013, which gave rise to an increase of EUR 59 million in equity attributable to the equity holders. - The profit for the year attributable to the Parent totalled EUR 727 million. - Hedging instruments: recognition of the changes in value of the effective portion of derivatives qualifying for hedge accounting (see Note 11), the positive impact of which was EUR 119 million (net of taxes) attributable to the Parent in the case of the fully consolidated companies and EUR 71 million in the case of the companies accounted for using the equity method (mainly Heathrow Airport Holdings). - Defined benefit plans: this item includes the impact on equity of actuarial gains and losses arising from adjustments and changes to the Group s defined benefit plan assumptions, as described in Note 16, which had an impact for the Parent of EUR -50 million net of taxes (EUR -22 million at fully consolidated companies (Amey) and EUR -28 million at the companies accounted for using the equity method (HAH)). - Translation differences: most of the currencies in which Ferrovial has investments (see Note 3) have depreciated against the euro, most notably the Canadian dollar and the pound sterling, the currencies to which the Group is most exposed in terms of Ferrovial, S.A. Consolidated financial statements at 31 December 2013-43

equity. The impact for the companies accounted for using the equity method (mainly 407 ETR and Heathrow Airport Holdings) amounted to EUR -311 million. With regard to the fully consolidated companies, the impact of the appreciation of the euro against the US dollar and the Chilean peso amounted to EUR -12 million and EUR -8 million, respectively. The remainder of the change in this line item relates to the impact of the other currencies. - Amounts transferred to profit or loss: this item includes the transfer to profit or loss of valuation adjustments on derivatives and translation differences relating to the divestments of the Amey joint ventures (EUR 15 million) and of 8.65% of HAH (EUR -4 million) (see Note 23, Impairment and disposals of non-current assets). - Dividends paid: includes the distribution of the EUR 0.25 per share dividend approved at the Annual General Meeting in March (EUR -183 million). In addition, in October the distribution of an interim dividend of EUR 294 million out of 2013 profit (EUR 0.40 per share) was approved. The difference between the dividend figure included in the consolidated statement of changes in equity (EUR -477 million) and that reflected in the consolidated statement of cash flows (EUR -525 million) corresponds mainly to tax withholdings from income from movable capital relating to the interim dividends paid in December 2012 and 2013, since the cash effect of these withholdings arises one month later, i.e. in January 2013 and 2014. - Capital increases relating to non-controlling interests: increase of EUR 116 million in the equity attributable to noncontrolling interests, principally at Cintra's US companies LBJ, NTE 1-2, NTE 3A-3B and SH-130. b) Share capital At 31 December 2013, the share capital amounted to EUR 147 million and had been fully subscribed and paid. The share capital is represented by 733,510,255 ordinary shares of a single class and with a par value of twenty euro cents (EUR 0.20) per share. There were no changes with respect to 31 December 2012. At 31 December 2013, the only shareholder holding more than 10% of the share capital of Ferrovial, S.A. was Portman Baela, S.L., with 41.053%. The shares of the Parent are traded on the Spanish Stock Market Interconnection System (SIBE) and all carry the same voting and dividend rights. c) Share premium and merger premium At 31 December 2013, the Company's share premium amounted to EUR 1,202 million, and the merger premium, which arose as a result of the merger of Grupo Ferrovial S.A. with Cintra in 2009, totalled EUR 1,454 million. Both line items are considered to be unrestricted reserves. d) Treasury shares There were no treasury shares at 31 December 2013. In 2013 a total of 2,708,701 treasury shares were acquired, representing 0.4% of the share capital and with a total par value of EUR 541 thousand, which were subsequently delivered to beneficiaries under share-based remuneration schemes. The total acquisition cost of the aforementioned shares was EUR 34 million and they were delivered at a value of EUR 32 million, giving rise to a result of EUR -2 million in the Company's equity. e) Valuation adjustments Valuation Adjustments in the consolidated statement of changes in equity, the balance of which at 31 December 2013 was EUR - 1,058 million, includes mainly the cumulative amount in reserves of the valuation adjustments made to derivatives (EUR -738 million), pension plans (EUR -329 million) and translation differences (EUR -261 million). As regards the requirements of IAS 1 in relation to the disclosure of income and expense recognised directly in equity, it is important to note that the only items that under the related accounting legislation may not be transferred in a future period to profit or loss are the valuation adjustments relating to pension plans. f) Restricted reserves of the Parent The restricted reserves of the Parent, included under Retained Earnings and Other Reserves, relate to the legal reserve amounting to EUR 29 million. g) Proposed distribution of profit: the Board of Directors will propose to the Company s duly convened Annual General Meeting that the profit of FERROVIAL, S.A. be distributed as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-44

Profit of FERROVIAL, S.A. (euros) 477,965,213.37 Distribution (euros) To voluntary reserves (euros) 184,561,111.37 Interim dividend (euros) 293,404,102.00 The legal reserve has reached the legally stipulated level. Liquidity statement and interim dividend: at its meeting held on 28 October 2013, the Board of Directors resolved to: - Prepare, pursuant to Article 277 of the Spanish Limited Liability Companies Law, the following accounting statement evidencing the Company s liquidity, for subsequent inclusion in the notes to the Company's financial statements. Liquidity summary Data at 30/09/13 (thousands of euros) Available cash (Corporate + FA + FS + Cintra) 626,153 Available credit Ferrovial, S.A. 772,000 Available credit Ferrovial Agroman, S.A. 8,000 Available credit Ferrovial Servicios, S.A. 10,000 Available credit Cintra Infraestructuras, S.A. 2,000 Total liquidity available for distribution 1,418,153 - Pay an interim dividend for 2013 of EUR 0.40 gross per share. The maximum amount to be paid in respect of this interim dividend was EUR 293,404,102. This amount did not exceed the separate profit earned by Ferrovial, S.A. since the end of the previous financial year, after deducting the items established in Article 277 of the Spanish Limited Liability Companies Law (EUR 316,432,502). The aforementioned interim dividend was paid on 10 December 2013. The withholdings payable amounting to EUR 29 million were recognised at year-end under Other Accounts Payable to Public Authorities and were paid in January 2014. h) Non-Group companies with significant ownership interests in subsidiaries At 31 December 2013, the non-controlling interests with holdings of 10% or more in the share capital of the most significant fully consolidated Group companies were as follows: FERROVIAL GROUP SUBSIDIARY NON-GROUP % NON-GROUP EQUITY HOLDER Construction Budimex S.A. 41% Listed company Toll roads Autopista del Sol 20% Unicaja Autopista Terrassa-Manresa 23.72% Acesa (Autopista Concesionaria Española, S.A.) Eurolink Motorway Operation N4/N6 LTD. 34% DIF Infra 3 M4 Ireland Ltd. Inversora de Autopistas de Levante, S.L. 40% Sacyr Concesiones, S.L. Inversora de Autopistas del Sur, S.L. 35% - 10% Sacyr Concesiones, S.L. - Inversiones Corporativas, S.A. LBJ Infrastructure Group Holding LLC 42.40% Meridiam Infrastructure S.a.r.l. NTE Mobility Partners Holding, LLC 33.33% - 10% Meridiam Infrastructure S.a.r.l. - Dallas Police and Fire Pension System NTE Mobility Partners SEG 3 Holding LLC 13.94% - 10% - 25.96% Meridiam Infrastructure NTE 3A/3B LLC - Dallas Police and Fire Pension System - NTE Segments 3 Blocker, Inc. (APG) NTE Mobility Partners SEG 2-4 LLC 25% Meridiam Infrastructure S.a.r.l. SH 130 Concession Company, LLC 35% Zachry Toll Road 56 LLP Skyway Concession Company Holding LLC 45% MIG Chicago Holdings LLC 15. Deferred income The balance of Deferred Income totalled EUR 503 million at the end of 2013 (2012: EUR 356 million), of which EUR 494 million correspond to grants related to assets received from the infrastructure concession grantors, primarily in the Toll Roads Division (EUR 469 million) and in the Services Division (EUR 25 million). These grants related to assets are recognised in profit or loss over the periods and in the proportions in which depreciation expense on those assets is recognised. The impact of these grants on cash flows is presented as a reduction of cash flows from investing activities. The main change in the year arose at the concession operator NTE 3A -3B, a Cintra subsidiary in the US, which received a further EUR 135 million, bringing its total grants to EUR 311 million, and at the company NTE 3A - 3B, which received EUR 25 million, in keeping with the performance of its operating activities. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-45

In addition, Eurolink Motorway Operation (N4-N6) Ltd. Ireland had recognised EUR 130 million at December 2013. 16. Pension plan deficit This line item reflects the deficit relating to pension and other employee retirement benefit plans, including both defined benefit and defined contribution plans. At 31 December 2013, the provision recognised in the consolidated statement of financial position amounted to EUR 107 million (31 December 2012: EUR 105 million). Of this amount, EUR 105 million (31 December 2012: EUR 104 million) relate to defined benefit plans of the Amey Group in the UK. Millions of euros AMEY GROUP DEFINED BENEFIT PLANS 2013 2012 Liability recognised in consolidated statement of financial position Obligation at end of year 878 747 Fair value of plan assets at end of year 772 643 Pension plan deficit 105 104 The Amey Group has eleven defined benefit plans covering a total of 8,427 employees and nine defined contribution plans covering 12,951 employees. The most significant changes in 2013 that led to a EUR 1 million worsening of the deficit were as follows: A net impact of EUR -14 million arising from actuarial gains and losses which increased the pension plan deficit (an increase in the related liability): in relation to the commitments, there was a worsening of the actuarial assumptions used such as a decrease in the discount rate and an increase in the inflation rate. This adverse effect was offset by the increased returns on the pension plan assets as a result of the positive evolution of the markets associated with them. More details are provided in section a) of this Note. Contributions of EUR +22 million made by the company to the pension plans, which reduced the pension plan deficit (a decrease in the related liability). The ordinary contributions amounted to EUR 5 million, while the extraordinary contributions aimed at improving the pension plan deficit totalled EUR 17 million. A negative impact of EUR -12 million on profit or loss, which increased the pension plan deficit (an increase in the related liability), as detailed in section b) of this Note. A positive impact of EUR +2 million due to the exchange rate effect. The acquisition of Enterprise (see Note 1.2, Changes in the scope of consolidation) resulted in the addition of EUR 91 million of commitments and EUR 92 million of plan assets, giving rise to a net improvement of EUR +1 million in the pension plan deficit. Also, although they did not have any effect on the pension plan deficit, there were curtailments and settlements as a result of the payment of commitments to employees, which therefore reduced the related commitment at year-end and gave rise to a reduction of the same amount in the plan assets. In 2013 these curtailments and settlements totalled EUR 23 million. a) Actuarial losses and gains recognised in reserves: The effects of changes in the actuarial assumptions relating to the defined benefit pension plans of the Amey Group are recognised directly in equity and are summarised (before taxes) in the following table: Millions of euros AMEY GROUP DEFINED BENEFIT PLANS 2013 2012 Actuarial gains/losses on obligations -33-45 Actuarial gains/losses on plan assets due to the difference between the expected return at the beginning of the year and the actual return 19 17 Impact on equity recognised -14-28 The main actuarial assumptions used to calculate the defined benefit pension plan obligations are summarised as follows: AMEY GROUP DEFINED BENEFIT PLANS 2013 2012 Main assumptions Salary increase 2.00% 4.00% Discount rate 4.40% 4.60% Expected inflation rate 3.30% 3.00% Expected returns on assets 4.40% 4.60% Mortality (years) 86-91 84-91 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-46

The mortality assumptions used by the Amey Group to calculate its pension obligations are based on the actuarial mortality tables, entailing an estimated life expectancy of between 86 and 91 years. The summary, by type, of the defined benefit pension plan assets stated at their fair value for 2013 and 2012 is as follows: Millions of euros AMEY GROUP DEFINED BENEFIT PLANS 2013 2012 Plan assets (fair value) Equity instruments 304 335 Debt instruments 175 209 Buildings 39 35 Cash and other 255 65 Total plan assets 772 643 As mentioned in Note 2.3, in 2013 and retrospectively for 2012, the Group applied the amendments to IAS 19, which required the expected return on plan assets to be calculated using the same interest rate as the discount rate used to calculate the future commitments. This discount rate was 4.40% in 2013 (2012: 4.60%). b) Impact on profit or loss: The detail of the impact of the defined benefit pension plans on profit or loss is as follows: Millions of euros AMEY GROUP DEFINED BENEFIT PLANS 2013 2012 Impact on profit before tax Current service cost -6-7 Interest cost -35-32 Expected return on assets 31 38 Other -1 7 Total amount recognised in profit or loss -12 7 c) Complete actuarial reviews: The Amey Group performs complete actuarial valuations every three years, depending on the plan, and the most recent reviews were completed in April 2011. Based on these reviews, the extraordinary contributions to be made in the coming years have been reduced. For 2014 the ordinary contributions agreed upon with the trustees amount to EUR 5 million. Also, the extraordinary contributions will be reduced from EUR 17 million in 2013 to EUR 15 million in 2014. d) Sensitivity analysis: Set forth below is a sensitivity analysis showing the impact on the income statement and on equity of a change of 50 basis points in the discount rate. AMEY GROUP DEFINED BENEFIT PLANS Annual impact on profit or loss Annual impact on equity Sensitivity analysis discount rate (+ / - 50 b.p.) Before tax After tax Before tax After tax + 50 b.p. 4 3 94 75-50 b.p. -4-3 -94-75 17. Provisions This note provides a breakdown of all the items composing Long-Term Provisions and Operating Provisions and Allowances in liabilities in the consolidated statement of financial position. In addition to these items, there are other allowances that are presented as a reduction of certain asset line items and which are disclosed in the notes relating to those specific assets. The changes in the long- and short-term provisions presented separately in liabilities in the consolidated statement of financial position in 2013 were as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-47

Provision for landfills Provision for compulsory purchases Provision for replacements and upgrades pursuant to IFRIC 12 Provisions for litigation and taxes Provisions for other longterm risks TOTAL LONG- Short-term TERM provisions PROVISIONS Balance at 1 January 2013 88 388 89 434 168 1,167 415 1,582 Changes in the scope of consolidation 0 0 0 0 112 112-1 111 Charged/credited to profit or loss 6 100 37 43-112 74-14 60 Charge for the year 8 102 39 110 38 297 136 433 Reversals -2-2 -2-67 -150-223 -149-373 Transfers and other 0 0 0-1 -1 1-1 Exchange differences 0 0-1 -1 0-2 -12-14 Closing balance 94 488 125 474 169 1,350 389 1,738 The provisions recognised by the consolidated Group are intended to cover the risks arising from its various operating activities. They are recognised using the best estimates of the existing risks and uncertainties and their possible evolution. Following is a description of the nature and amounts of the main provisions recognised: Provision for landfills Provision for Landfills contains the estimated cost of landfill closure and post-closure activities relating to the landfills operated by the Ferrovial Services business in Spain. The provision is calculated based on a technical estimate of the consumption to date of the total capacity of the respective landfills. Provision for compulsory purchases The provision for compulsory purchases recognised by the Spanish toll roads, totalling EUR 488 million, relates primarily to the R4 - Madrid Sur toll road (EUR 446 million at 31 December 2013; 2012: EUR 345 million). The increase recognised in the year, the balancing entry for which was an addition to the assets of the concession operator, as explained in Note 7, was due to the updating of estimates, the accrual of interest and the discounting of the amounts payable, net of the amounts already paid. Provision for replacements pursuant to IFRIC 12 This line item includes the provisions for investments in replacements established by IFRIC 12 (see Note 2.5.2). At 31 December 2013, the balance of this line item was EUR 126 million, of which EUR 93 million relate to the Toll Road Division. Provisions for litigation and tax-related claims This line item includes: - Provisions to cover the possible risks resulting from litigation in progress, amounting to EUR 195 million (31 December 2012: EUR 165 million), of which EUR 190 million (31 December 2012: EUR 157 million) were recognised in the Construction Division to cater for possible third-party liability arising from construction contracts. - Provisions for tax-related claims (EUR 277 million; 31 December 2012: EUR 269 million) filed in relation to local or central government duties, income taxes and other taxes due to the varying interpretations that can be made of the tax legislation in the different countries in which the Group operates. Provisions for other long-term risks This line item includes the provisions recognised to cover certain long-term risks other than those attributable to litigation or taxrelated claims, such as third-party liability resulting from the performance of contracts, guarantees granted with enforcement risk, the impairment of certain assets and other similar items, which amounted to EUR 169 million at 31 December 2013 (31 December 2012: EUR 168 million). Although the total change in the balance of this provision was not material, following is an explanation of the changes in the scope of consolidation, charges for the year and reversals which, taken separately, were material: TOTAL o Changes in the scope of consolidation: Recognition of the purchase option on 30% of Steel Ingeniería mentioned in Note 5, amounting to EUR 16 million. Recognition of the long-term provisions for budgeted losses disclosed following allocation of the purchase price of Enterprise, amounting to EUR 71 million at 31 December 2013 (GBP 79 million, equivalent to EUR 95 million, at the date of inclusion of Enterprise in the scope of consolidation, as detailed in Note 5). Ferrovial, S.A. Consolidated financial statements at 31 December 2013-48

o Charges for the year: Recognition of a provision of EUR 11 million for the investment commitments at the Euroscut Azores toll road for 2014 to 2017, included in the commitments described in Notes 22.3 and 23. Recognition of a provision of EUR 6 million for guarantees with enforcement risk in relation to the M- 203 toll road, as mentioned in Note 23. o Reversals: Reversal of the provision for guarantees with enforcement risk of the Toll Roads Division, amounting to EUR 61 million, of which EUR 55 million correspond to the Greek toll roads and EUR 6 million to the provision for possible claims arising from the sale of the Chilean toll roads, as described in Note 23. Reversal of the impairment recognised in 2012 in relation to a UK waste treatment plant, amounting to EUR 30 million, as mentioned in Note 23. Short-term provisions These relate mainly to the Construction Division, consisting of provisions for construction work completion, site removals and losses amounting to EUR 347 million (2012: EUR 368 million). 18. Net cash position In order to present an analysis of the Group's net debt position, the following table contains a breakdown of the net cash position, distinguishing between infrastructure project companies and the other companies. The net cash position is understood to be the balance of items included in cash and cash equivalents (including short-term restricted cash) and long-term restricted cash of infrastructure projects, less current and non-current borrowings (bank borrowings and bonds). NET CASH POSITION 2013 Bank borrowings/bonds Cash and cash equivalents Net borrowing position Intra-Group balances TOTAL NON-INFRASTRUCTURE PROJECT COMPANIES -1,168 2,851 1,683-20 1,663 INFRASTRUCTURE PROJECT COMPANIES -7,631 596-7,035 20-7,015 TOTAL -8,799 3,447-5,352 0-5,352 18.1. Infrastructure projects A) Cash and cash equivalents and restricted cash As indicated in the Note on financial risks, infrastructure project financing agreements occasionally impose the commitment to arrange certain restricted accounts to cover short-term or long-term commitments relating to the repayment of the principal or interest on the borrowings and to infrastructure maintenance and operation. Restricted cash is classified as short-term or long-term depending on whether it must remain restricted for less than or more than one year. In any event, these funds are invested in highly-liquid financial products earning floating interest. The type of financial product in which the funds may be invested is also restricted by the financing agreements or, where no restrictions are stipulated, the decision is made on the basis of the Group s policy for the placement of cash surpluses. Short-term balances are recognised under Cash and Cash Equivalents in the consolidated statement of financial position whereas long-term balances are classified as financial assets. There was an overall increase of EUR 185 million in restricted cash with respect to December 2012. The main change in restricted cash arose at NTE 3A-3B since, as a result of the funds obtained in the year from the bond issue at this company (see section B.1 below), a portion of these funds were pledged in relation to the financing of the construction (see Note 7), with respect to which the balance of the long-term restricted cash at NTE 3A-3B amounted to EUR 155 million at 31 December 2013. The other cash and cash equivalents relate to bank accounts and highly-liquid investments subject to interest rate risk. B) Infrastructure project borrowings Ferrovial, S.A. Consolidated financial statements at 31 December 2013-49

B.1) Breakdown by project, significant changes in the year and main characteristics of the borrowings Following is a breakdown of the borrowings by project, distinguishing between bonds and bank borrowings and short- and longterm debt, and of the changes in the year. 31/12/13 31/12/12 Change 2013-2012 Bank Bank Bank Millions of euros Bonds borrowings Total Bonds borrowings Total Bonds borrowings Total LONG TERM 2,029 4,374 6,403 1,899 3,926 5,826 130 448 577 - US toll roads 1,930 1,805 3,735 1,800 1,316 3,117 130 489 618 - Spanish toll roads 1,150 1,150 1,139 1,139 0 11 11 - Portuguese toll roads 99 692 791 99 716 815 0-24 -24 - Other toll roads 326 326 337 337 0-11 -11 - Construction 147 147 152 152 0-5 -5 - Services 254 254 266 266 0-12 -12 SHORT TERM 0 1,228 1,228 0 1,167 1,167 0 61 61 - Spanish toll roads 1,156 1,156 1,115 1,115 0 41 41 - Other 72 73 52 52 0 20 21 TOTAL 2,029 5,602 7,631 1,899 5,093 6,992 130 509 639 Infrastructure project borrowings increased by EUR 639 million with respect to December 2012, due mainly to the following: - An additional amount of EUR 448 million drawn down against the facilities already arranged at 2012 year-end, of which EUR 320 million relate to the LBJ toll road and EUR 169 million to North Tarrant Express Managed Lanes - NTE, which have, inter alia, TIFIA debt tranches to finance a portion of the construction work in progress. - Issue of 25-year and 30-year Private Activity Bonds (PABs) totalling USD 274 million (EUR 197 million) associated with the North Tarrant Express toll road extension, the contract for which was awarded in March 2013. - The higher drawdowns were offset mainly by the appreciation of the euro against the US dollar, which reduced borrowings by EUR 168 million at 31 December 2013. The main characteristics of the borrowings of each of the projects are summarised as follows: US toll roads Chicago Skyway This concession operator is financed by a senior bond issue guaranteed by Assured Guaranty, structured as follows: (i) Series A of USD 439 million maturing in 2017 (3-month LIBOR of 0.25%+0.28%) and (ii) Series B of USD 961 million with final maturity in 2026 (3-month LIBOR of 0.25%+0.38%). It should be pointed out that this company has arranged derivatives in relation to the Series A and Series B bonds, with notional amounts of USD 439 million and USD 961 million, respectively, maturing in 2017. The guaranteed fixed interest rates in 2013 are 4.76% for the Series A bonds and 3.37% for Series B. It should be noted, however, that the fixed interest rate of this derivative will increase over the life of the derivative. Chicago Skyway also has syndicated subordinated bank borrowings maturing in 2035, against which USD 181 million had been drawn down at 31 December 2013 (USD 150 million of principal, USD 22 million of interest added to the principal and USD 9 million relating to the capitalisation of the latest swap settlement) (6-month LIBOR of 0.41%+3.00%). SH-130 This project's borrowings comprise syndicated bank financing in three tranches: tranche A of USD 686 million to finance a portion of the construction work, which had been drawn down in full at 31 December 2013 and has final maturity in 2038 (6-month LIBOR of 0.35%+1.55%); tranche B of USD 35 million to provide liquidity, which has been drawn down in full (6-month LIBOR of 0.35%+1.55%) and tranche C of USD 29 million (not drawn down), both with final maturity in 2038. SH-130 also has a TIFIA debt tranche of USD 504 million, drawn down in full at 31 December 2013 (USD 430 million of principal and USD 74 million of interest added to the principal), to finance part of the construction work, with final maturity in 2047 (fixed interest rate: 4.46%). Also, this concession operator has a derivative with a notional amount of USD 709 million and a fixed interest rate of 5.18%, which matures in 2038. The credit quality of these borrowings is rated by credit rating agencies. In this regard, current traffic levels are below those initially estimated at the project's financial close. As a result, on 16 October the credit rating agency Moody's downgraded the rating assigned to the toll road concession operator from B1 to Caa3, with a negative outlook. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-50

At 31 December 2013, the company was complying with the covenants in force and had honoured all the related commitments. However, the company recently commenced negotiations to restructure its current financial debt, with a view to bringing its debt servicing into line with the expected trend in traffic levels. North Tarrant Express Managed Lanes - NTE This project is financed through a USD 400 million issue of Private Activity Bonds (PABs) with final maturity in 2039 (USD 60 million bearing fixed interest at 7.50% with final maturity in 2031 and USD 340 million bearing fixed interest at 6.88% with final maturity in 2039). It also has a TIFIA loan of USD 650 million granted by the US Federal Government with a repayment profile of 35 years from the entry into service of the infrastructure, against which USD 427 million had been drawn down at 31 December 2013 (USD 407 million of principal and USD 19 million of interest added to the principal). This loan bears interest at a fixed rate of 4.52% and has final maturity in 2050. NTE 3A-3B In September the financial close of the concession arrangement for the extension of the North Tarrant Express (NTE) toll road in Texas was achieved. The borrowings for this project were structured through the issue of USD 274 million of Private Activity Bonds (PABs), maturing at 25 and 30 years (7.00% fixed interest on USD 128 million and 6.75% fixed interest on USD 146 million), and a TIFIA loan of USD 531 million bearing fixed interest of 3.84%, which had not been drawn down at year-end. LBJ This concession operator is financed through a USD 615 million issue of PABs with final maturity in 2040 (7.00% fixed interest on USD 473 million, of which USD 418 million have final maturity in 2040 and USD 55 million in 2034; and 7.50% fixed interest on USD 142 million, of which USD 91 million have final maturity in 2032 and USD 51 million in 2033). LBJ also has a TIFIA loan of USD 850 million granted by the US Federal Government with a repayment profile of 35 years from the entry into service of the infrastructure, against which USD 757 million had been drawn down at 31 December 2013 (USD 729 million of principal and USD 28 million of interest added to the principal). This loan bears interest at a fixed rate of 4.22% and has final maturity in 2050. Spanish toll roads Ausol I and II The debt is structured in two syndicated loans: (i) AUSOL I, with a notional amount of EUR 360 million; and (ii) AUSOL II, with a notional amount of EUR 126 million, both maturing in 2016 and bearing interest at 6-month EURIBOR of 0.39%+3.25%. Also, Ausol has a derivative with a notional amount of EUR 246 million and a fixed interest rate of 3.80%, which matures in 2022. Cintra Inversora Autopistas de Cataluña / A. Terrasa Manresa Following the refinancing transaction in 2008 through a syndicated structuring arrangement, the company is now financed through a credit facility with a tranche A and a tranche B with limits of EUR 300 million and EUR 316 million, respectively, both bearing interest at 6-month EURIBOR of 0.39%+1.40%. Both tranches have been drawn down in full and have final maturity in 2035. The company has also been granted a liquidity line of EUR 92 million, against which it has drawn down EUR 62 million (bearing interest at 6-month EURIBOR of 0.39%+1.40%). It should also be noted that this company has a derivative with a notional amount of EUR 606 million, a guaranteed interest rate of 4.58% and maturity in 2035. Inversora A. Sur / A. R-4 Madrid Sur The net debt associated with this asset amounts to EUR 606 million, of which EUR 34 million are interest added to the principal amount of the borrowings (EUR 28 million relating to the debt and EUR 5 million relating to the capitalisation of the latest swap settlement, bearing interest at interbank EONIA of 3.80% and 2.00%, respectively). Since 14 September 2012, this company has been involved in insolvency proceedings, as indicated in the note relating to contingent liabilities (see Note 22). Inversora A. Levante / A. Madrid Levante The net debt associated with this asset amounts to EUR 549 million, of which EUR 27 million are interest added to the principal amount (EUR 23 million relating to the debt and EUR 4 million relating to the capitalisation of the latest swap settlement, bearing interest at interbank EONIA of 3.10% and 1.00%, respectively). Since 19 October 2012, this company has been involved in insolvency proceedings, as indicated in the note relating to contingent liabilities. Portuguese toll roads Euroscut Algarve This company has structured debt in two tranches secured by Syncora Guarantee Inc., one of which comprises bonds totalling EUR 101 million with final maturity in 2027 (bearing 6.40% fixed interest) and the other comprises EIB borrowings of EUR 112 million with final maturity in 2025 (bearing 6.50% fixed interest). Ferrovial, S.A. Consolidated financial statements at 31 December 2013-51

Euroscut Azores Syndicated bank financing amounting to EUR 358 million with final maturity in 2033, against which EUR 347 million had been drawn down at 31 December 2013 (bearing interest at 6-month EURIBOR of 0.34%+0.80%). In relation to these borrowings, the concession operator has arranged a derivative with a notional amount of EUR 300 million, a guaranteed fixed interest rate of 4.12% and maturity in 2033. Auto-Estradas Norte Litoral Financing structure based on a syndicated loan for an outstanding amount of EUR 272 million, with final maturity in 2026 (bearing interest at 6-month EURIBOR of 0.38%+1.25%). In addition, the concession operator has a derivative with a notional amount of EUR 204 million and a fixed interest rate of 3.69%, which matures in 2026. Other toll roads Eurolink M4-M6 This toll road's financing consists of an EIB loan for an outstanding amount of EUR 91 million, with final maturity in 2027 (3-month EURIBOR of 0.28%+0.19%), and bank financing of EUR 47 million with final maturity in 2027 (bearing interest at 6-month EURIBOR of 0.37%+1.53%). Also, this concession operator has arranged derivatives with a notional amount of EUR 104 million and fixed interest rates ranging from 5.04% to 5.39%. The derivatives mature in 2017 and 2028. It has also been granted several credit lines totalling EUR 14 million to finance VAT payments, operating costs and interest payments. No amounts have yet been drawn down against these lines, which have spreads of 1.50% and 2.00%, respectively. Eurolink M3 A syndicated bank loan maturing in 2025 against which EUR 210 million had been drawn down at 31 December 2013 (6-month EURIBOR of 0.39%+0.85%). Its financial structure is based on financing of EUR 265 million with final maturity in 2025. It should also be noted that this company has a derivative with a notional amount of EUR 107 million, a guaranteed fixed interest rate of 4.53% and maturity in 2025. There are also currently undrawn credit facilities totalling EUR 29 million with a spread of 0.85%. B.2) Maturities by currency and fair value of infrastructure project borrowings Currency Fair value 2013 Fair value 2012 Carrying amount 2013 2014 2015 2016 2017 2018 2019 and subsequent years Total maturities Infrastructure project bonds 2,102 2,069 2,029 0 1 0 319 3 1,728 2,052 Toll roads 2,102 2,069 2,029 0 1 0 319 3 1,728 2,052 Bank borrowings of infrastructure projects USD 2,003 1,949 1,930 0 0 0 318 0 1,632 1,950 EUR 99 120 99 0 1 0 1 3 96 101 5,602 5,117 5,602 59 64 593 62 81 3,670 4,528 Toll roads 5,180 4,692 5,180 39 48 539 52 68 3,349 4,094 USD 1,814 1,325 1,814 0 0 0 0 1 1,850 1,852 EUR 3,367 3,366 3,367 39 48 539 52 67 1,498 2,242 Construction 150 153 150 2 3 5 2 2 139 152 EUR 150 153 150 2 3 5 2 2 139 152 Services 271 273 271 17 14 49 8 11 182 282 Total financial debt of infrastructure projects GBP 75 70 75 1 2 15 2 1 60 81 EUR 197 203 197 16 12 35 6 10 122 201 7,705 7,186 7,631 59 65 593 381 84 5,398 6,580 The maturities of the toll road bank borrowings denominated in euros shown in the foregoing table do not include the balances relating to R4 and Madrid Levante, amounting to EUR 606 million and EUR 549 million, respectively (2012: EUR 581 million and EUR 522 million, respectively) because, as indicated above, these companies are involved in insolvency proceedings and their borrowings matured in 2012. The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2013 are explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with applicable accounting standards (especially accrued interest payable and the application of the amortised cost method). The debt maturities do not include interest. The fair value reflected in the table above is calculated as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-52

- For fixed-rate bonds, subject to changes in value due to fluctuations in market interest rates: since they are quoted in an active market, the related market value is used. - For fixed-interest bank borrowings, also subject to changes in value due to fluctuations in rates: future cash flows are discounted using a market interest rate, calculated using an internal valuation model. - Lastly, for floating-rate bank borrowings: no significant differences are deemed to exist between the fair value of the borrowings and their carrying amount and, therefore, the carrying amount is used. B.3) Exposure to interest rate risk of infrastructure project borrowings As indicated in Note 3, Management of financial risks and capital (section 3.1, Interest rate risk), the Ferrovial Group tends to keep a percentage of the debt tied to fixed interest rates, either arranged at inception or hedged by means of derivative financial instruments. The detail of the percentage of borrowings exposed to interest rate fluctuations is shown in that Note. At 31 December 2013, 88% of the infrastructure project borrowings were hedged against interest rate fluctuations (2012: 87%). The debt balances are hedged by IRSs (interest rate swaps), which are derivatives that convert the floating-rate bank borrowings into fixed-rate debt (see Note 11). B.4) Information on credit limits and credit drawable for infrastructure projects Set forth below is a comparative analysis of borrowings not drawn down at year-end: Millions of euros Debt limit Amount drawn down 2013 2012 Carrying Amount Amount amount of Debt drawn drawable debt limit down Amount drawable Carrying amount of debt Toll roads 8,052 7,300 752 7,209 7,579 6,658 920 6,567 US toll roads 4,471 3,802 669 3,743 4,017 3,191 826 3,126 Spanish toll roads 2,347 2,319 29 2,306 2,298 2,258 40 2,253 Other toll roads 1,234 1,180 54 1,160 1,263 1,209 54 1,188 Construction 152 152 0 150 141 141 0 153 Services 444 282 162 271 287 277 9 273 Total financial debt 8,648 7,734 914 7,631 8,006 7,076 930 6,993 The differences between the total bank borrowings drawn down and the carrying amount of the related debt at 31 December 2013 are explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with applicable accounting standards (especially accrued interest payable and the application of the amortised cost method). Of the EUR 914 million drawable (31 December 2012: EUR 930 million), EUR 669 million relate mainly to amounts not drawn down against borrowings that were obtained to finance toll roads under construction in the US. It should be noted that this drawable amount is associated exclusively with the projects, based on the nature and performance thereof, as discussed below. B.5) Guarantees and covenants for toll road borrowings The toll road borrowings are without recourse to the shareholders of the projects or with recourse limited to the guarantees provided. The guarantees provided by subsidiaries of Ferrovial in connection with these projects are described in Note 22 on contingent liabilities. The financial conditions (applicable interest rates) of the toll road debts are subject to the achievement of certain ratios based on financial aggregates such as gross profit from operations (EBITDA), net debt and consolidated shareholders equity. In general, the aforementioned financing arrangements include pledges of concession operator assets (insurance policy receivables, current accounts, concession receivables, etc.), forming a package of guarantees for lenders. In certain cases there is also a security interest in the concession operator s shares. Also, most agreements include certain conditions the infringement of which gives rise to commitments for the borrower. These covenants are used by banks to ensure that the concession operators fulfil their debt commitments. At 31 December 2013, all the toll road concession operators were achieving the covenants in force, except for: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-53

- The R4 and Madrid Levante toll road concession operators, whose borrowings had matured because they are involved in insolvency proceedings, as described in Note 22. 18.2. Net cash position excluding infrastructure projects A) Borrowings of non-infrastructure project companies A.1) Breakdown between current and non-current borrowings, changes in the year and main characteristics 2013 2012 Change Millions of euros Noncurrencurrent Non- 2013-2012 Current TOTAL Current TOTAL Corporate debt 24 0 24 1,008 0 1,008-984 Bonds 985 25 1,010 0 0 0 1,010 Other 84 50 133 164 63 226-93 Total borrowings excluding infrastructure projects 1,093 75 1,168 1,171 63 1,234-66 Corporate debt and bonds The debt of Ferrovial, S.A. was restructured as a result of two corporate bond issues in the first half of 2013, which replaced bank borrowings with bonds. Firstly, on 30 January 2013, Ferrovial completed its first corporate bond issue, amounting to EUR 500 million and maturing on 30 January 2018, which bears annual interest of 3.375% payable annually. The net funds obtained (EUR 496 million) were used to repay the corporate debt existing at that date. Secondly, on 29 May 2013, Ferrovial completed an additional bond issue, amounting to EUR 500 million and maturing in eight years, which bears annual interest of 3.375%. The net funds obtained (EUR 497 million) were also used to repay corporate debt. The two transactions enabled Ferrovial to repay early corporate bank borrowings of EUR 993 million and, consequently, the nominal balance of these borrowings at 31 December 2013 was EUR 27.9 million. In connection with the corporate bank borrowings, Ferrovial S.A. has undertaken to fulfil the following financial commitments during the term of the financing, which will be assessed every six months: i. The Group s Net Financial Debt/EBITDA ratio must not exceed certain pre-established levels. ii. The Group s EBITDA/Net Finance Costs ratio must not fall below certain pre-established levels. For the purpose of achieving the above-mentioned ratios, the Group is deemed to include the consolidated Group companies excluding infrastructure projects and other companies (mainly Amey, Budimex, Webber and BNI). The Parent was achieving both ratios at 31 December 2013. Additionally, in relation to the corporate bonds, the bond guarantors must be the same as the guarantors of the corporate debt for each analysis period (reviewed annually). Should the contractual terms and conditions of the relevant financing agreement prohibit the inclusion of a company as an additional guarantor, this company may be released from its commitments in respect of the bond and will not have to be replaced by another company falling within the specific scope to qualify as a guarantor. Other The borrowings shown under Other in the foregoing table relate mainly to bank loans and finance leases of the Services Division (EUR 30 million and EUR 30 million, respectively) and of the Construction Division (EUR 12 million and EUR 6 million, respectively). The year-on-year change related mainly to the reduction (EUR 86 million) of the amount drawn down against the Amey Group's syndicated credit facility. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-54

A.2) Maturities by currency and fair value of borrowings excluding infrastructure projects Borrowings Currency Fair value 2013 Carrying amount 2013 2014 2015 2016 2017 2018 2019 and subsequent years Total maturities Corporate debt and bonds 1,053 1,034 0 30 0 0 500 500 1,030 EUR 1,053 1,034 0 30 0 0 500 500 1,030 Other 134 134 53 13 20 11 1 12 111 EUR 74 74 14 11 9 10 1 6 52 GBP 42 42 37 0 5 0 0 0 42 PLZ 11 11 0 1 6 1 0 3 11 CLP 6 6 2 1 1 0 0 3 6 Total borrowings excluding infrastructure projects 1,187 1,168 53 43 20 11 501 512 1,141 The differences between the total maturities of bank borrowings and the carrying amounts of the debt at 31 December 2013 are explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with applicable accounting standards (especially accrued interest payable and the application of the amortised cost method). The fair value of bank borrowings excluding infrastructure projects coincides with the related carrying amount because the borrowings are tied to floating market interest rates and, therefore, changes in the benchmark interest rates do not affect their fair value. Since the corporate bonds are fixed-interest bonds traded on an active market, their fair value was taken to be the market price at the analysis date. In addition, interest rate derivatives with a notional amount of EUR 500 million were arranged in relation to these bonds, as mentioned in Note 11. Based on the aforementioned criteria, the estimated total fair value of bank borrowings and bonds excluding infrastructure projects was EUR 1,187 million at 31 December 2013 (31 December 2012: EUR 1,233 million). The EUR 53 million maturing in 2014 correspond mainly to the borrowings in the Services Division relating to Enterprise (EUR 18 million - see Note 1) and Amey (EUR 15 million). The debt maturities do not include interest. A.3) Information on credit limits and drawable credit Set forth below is a comparative analysis of borrowings not drawn down at year-end: 2013 2012 Millions of euros Debt limit Amount drawn down Amount drawable Consolidated debt Debt limit Amount drawn down Amount drawable Consolidated debt Corporate debt 1,675 1,030 645 1,034 1,792 1,020 772 1,006 Other 403 111 292 134 456 210 245 226 Total financial debt 2,078 1,141 937 1,168 2,247 1,230 1,017 1,233 The differences between total bank borrowings and the carrying amount thereof at 31 December 2013 are explained mainly by the difference between the nominal values and carrying amounts of the debts, as certain adjustments are made in accordance with applicable accounting standards. The drawable balance of the corporate debt includes the renewal of the working capital credit line of EUR 541 million, which has not yet been drawn down, maturing in 2015, and a EUR 100 million bilateral credit facility, against which no amounts have been drawn down and which matures in September 2014. In 2012 the balance of the available financial debt was very similar to that for 2013 (EUR 1,017 million). A.4) Corporate rating The financial rating agencies Standard & Poor's and Fitch issued their opinion on the credit rating of Ferrovial's corporate debt at December 2013, which was assigned ratings of BBB and BBB-, respectively, with a stable outlook, and, therefore, came under the Ferrovial, S.A. Consolidated financial statements at 31 December 2013-55

investment grade category. B) Cash and cash equivalents of other companies The items classified as cash and cash equivalents at both short and long term correspond to bank accounts and highly liquid investments subject to interest rate risk. The changes therein are analysed in Note 28, Cash flows. Also, at 31 December 2013 certain restricted accounts had been recognised as security for capital contributions or investment commitments, including most notably the account at the Amey Group (EUR 38 million), as mentioned in Note 22.3. Similarly, Restricted Cash includes EUR 1 million in relation to the equity commitment provided for the LBJ toll road. 19. Other non-current payables Non-Current Liabilities - Other Payables includes mainly the following: - The participating loans granted by the State to several infrastructure project concession operators amounting to EUR 161 million (31 December 2012: EUR 155 million), of which EUR 114 million relate to the Toll Roads Division, EUR 35 million to the Services Division and EUR 11 million to the Construction Division. - Long-term deposits and guarantees amounting to EUR 23 million (31 December 2012: EUR 28 million). - Loans granted to Group companies by non-controlling shareholders of the consolidated Group, amounting to EUR 13 million (December 2012: EUR 9 million), of which EUR 4 million are participating loans. - Long-term trade payables of the Services business in the UK, amounting to EUR 9 million. 20. Trade and other payables a) Trade payables The detail of Trade Payables at 31 December 2013 and 2012 is as follows: Balances at 31/12/13 Balances at 31/12/12 Change 2013-2012 Trade payables 1,693 1,774-80 Amounts billed in advance for construction work (Note 13-c) 596 509 88 Customer advances (Note 13-c) 154 128 25 Retentions made from suppliers 222 234-12 Total trade payables 2,665 2,644 21 The balance of Trade Payables fell by EUR 80 million with respect to that recognised at 31 December 2012. This decline relates mainly to the EUR 128 million decrease in the Construction business in Spain, as well as to the effect of the agreements reached with the Greek government regarding the Greek toll roads, mentioned in Note 9, which reduced the balance of Trade Payables by EUR 94 million. The decreases were offset by the effect of the inclusion of Steel and Enterprise in the scope of consolidation, amounting to EUR 192 million at the date of inclusion in the scope (EUR 143 million at 2013 year-end). The carrying amount of the trade payables approximates their fair value. In relation to the disclosure commitment established in Additional Provision Three of Law 15/2010 and the Spanish Accounting and Audit Institute (ICAC) Resolution of 29 December 2010, it should be noted that Law 11/2013, of 26 July, on measures to support entrepreneurs, stimulate growth and create employment has amended the payment periods provided for in Law 3/2004, of 29 December, establishing a general payment period of 30 calendar days, unless otherwise agreed by the parties, who may extend the payment period to a maximum of 60 calendar days. The table below shows the information relating to the payment periods to suppliers, as required by the aforementioned legislation: Millions of euros 31/12/13 31/12/12 Change Paid in the maximum payment period 1,181 1,462-281 Remainder 46 74-27 TOTAL 1,227 1,535-308 Weighted average period of late payment (days) 80 47 33 Amount deferred 9 8 1 Weighted Average Period of Late Payment is considered to be the amount calculated as the quotient whose numerator is the result of multiplying the payments made in the year to suppliers outside the maximum payment period by the number of days of Ferrovial, S.A. Consolidated financial statements at 31 December 2013-56

late payment and whose denominator is the total amount of the payments made in the year outside the maximum payment period. Remainder includes the payments that exceed the maximum payment period. Amount Deferred includes the balance payable to suppliers past due by more than the maximum payment period at year-end. b) Other non-trade payables The detail of Other Non-Trade Payables is as follows: Balances at 31/12/13 Balances at 31/12/12 Change 2013-2012 Remuneration payable 150 154-4 Other accounts payable to public authorities 328 288 40 Other payables 50 105-55 Total other non-trade payables 528 547-19 Remuneration Payable relates to the employee remuneration earned but not paid during the year amounting to EUR 150 million. Also, Other Accounts Payable to Public Authorities includes tax payables other than income tax, mainly VAT and employer social security taxes. 21. Tax matters 21.1 Reconciliation of the income tax expense to the profit before tax: The income tax expense for 2013 amounted to EUR 168 million compared with an accounting profit of EUR 494 million, after having adjusted the figure for the results of companies accounted for using the equity method (which pursuant to accounting legislation are already presented net of the related tax effect), representing a tax rate of 34%. In order to reconcile the expense recognised to the applicable tax rates in the main countries in which the Group operates, the items corresponding to income and expenses without an effect on taxes, or to adjustments to prior years' deferred taxes must be identified. The detail of this reconciliation is shown in the table below: Millions of euros 2013 Spain UK US Other countries Total Profit before tax 126 500-13 256 869 Result of companies accounted for using the equity method 3 303 0 69 375 Adjusted profit deducting the result of companies accounted for using the equity method 123 197-13 187 494 Permanent differences 40-3 50 63 151 Other 97-89 -3 148 153 Taxable profit 260 105 35 399 798 Income tax expense for the year 79 25 12 71 188 Effective tax rate 30% 24% 36% 18% 24% Theoretical effective tax rate of the country 30% 23% 36% 23% Adjustment of prior years' taxes -20 Total tax expense 168 Total effective rate applicable to taxable profit 19% The main items included in the profit before tax that are not taxable and which, therefore, need to be adjusted in order to obtain the taxable profit are as follows: 1. - Permanent differences: permanent differences relate to either profits or losses which are not subject to taxation or which do not generate a deductible expense. - Spain: relates mainly to non-tax-deductible provisions. - US: the profit or loss attributable to non-controlling interests of certain companies taxed under the pass-through tax rules is adjusted. Under these rules, the parents settle the taxes of their subsidiaries in proportion to the related percentages of ownership. - Other countries: relates mainly to exempt gains on disposals in the Construction Division. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-57

2. Other items: - Spain: these relate mainly to the non-recognition of the tax asset corresponding to the unrecoverable losses incurred in 2013 by the R4 and Ocaña La Roda toll roads and at certain Construction Division companies. - UK: these relate mainly to the effect of the change in the tax rate in 2013. - Other countries: these relate mainly to the non-recognition of tax assets arising from losses abroad. With these adjustments, the taxable profit amounted to EUR 798 million and, applying the effective rate for each country, the income tax expense totalled EUR 188 million, which corresponds to an average effective tax rate of 24%. The following table shows the reconciliation of the income tax expense for 2012: 21.2 Difference between deferred tax and current tax: The breakdown of the accrued tax for 2013 and 2012, differentiating between current tax and deferred tax, is as follows: 21.3 Changes in deferred tax assets and liabilities Millions of euros Balance at 01/01/13 Transfers Adjustments Charge/Credit to profit or and other loss Millions of euros Spain UK US Other countries Total Profit before tax 204 427-10 113 733 Result of companies accounted for using the equity method 6 227 0 41 275 Adjusted profit deducting the result of companies accounted for using the equity method 198 200-10 71 459 Permanent differences -8-120 33 2-92 Other 58 8 0 17 83 Taxable profit 248 88 23 91 450 Income tax expense for the year 74 24 9 23 130 Effective tax rate 30% 27% 39% 25% 29% Theoretical effective tax rate of the country 30% 25% 38% 25% Adjustment of prior years' taxes -24 Total tax expense 106 Total effective rate applicable to taxable profit 24% Millions of euros 2013 2012 Income tax expense for the year 188 130 Deferred tax expense 106 83 Current tax expense 82 47 Adjustment of prior years taxes -20-24 TOTAL tax expense 168 106 The detail of the changes in the deferred tax assets and deferred tax liabilities in 2013 is as follows: Millions of euros Balance Adjustments Charge/Credit Exchange Balance Charge/Credit at Transfers to profit or rate at to equity 01/01/13 and other loss effect 31/12/13 Deferred tax assets Tax assets 677 0 8 23 0-9 699 Differences between tax and accounting income and expense recognition methods 424 7 15-40 0-3 402 Deferred tax assets arising from valuation adjustments 474 1-42 31-241 -5 218 Other 34-2 1-18 10 1 25 Total 1,608 6-18 -4-232 -16 1,344 Charge/Credit to equity Exchange rate effect Balance at 31/12/13 Deferred tax liabilities Deferred tax liabilities relating to goodwill 183-1 22 4 0-1 209 Differences between tax and accounting 830 0-103 92 0-18 802 income and expense recognition methods Deferred tax liabilities arising from valuation adjustments 59-6 -1 4-4 0 52 Other 7 1 44 2 0 0 54 Total 1,080-5 -37 102-4 -19 1,117 2013 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-58

The deferred tax assets and liabilities recognised at 31 December 2013 arose mainly from: a) Tax assets These relate to tax assets which have not yet been used by the Group companies. This item does not include all the existing tax assets, but rather only those that, based on Group projections, are expected to be used before they expire. The balance recognised totalled EUR 699 million, of which EUR 667 million related to recognised tax losses and the remainder to unused tax credits. The detail of the total tax loss carryforwards, distinguishing between the maximum tax asset and the tax asset recognised based on the projected recoverability thereof, is as follows: Millions of euros Country Tax loss Last years for Maximum tax Tax asset carryforwards offset asset recognised Spanish consolidated tax group 1,479 2026-2030 444 444 Rest of Spain 827 2026-2030 248 3 US consolidated tax group 1,375 2025-2033 481 208 Other 169 2014-No expiry date 41 10 Total 3,849 1,214 667 Additionally, Ferrovial had unused double taxation, reinvestment and other tax credits of EUR 194 million at 31 December 2013 (2012: EUR 221 million), of which EUR 32 million have been recognised. Spanish consolidated tax group: For the purpose of analysing the recoverability of its tax assets, the Ferrovial consolidated tax group in Spain has created a model in order to be able to compare them with those that have been recognised for accounting purposes. This model takes into account the changes in Spanish tax legislation announced in recent months and uses the Group companies' latest available earnings projections. Based on this model, all the tax loss carryforwards totalling EUR 444 million and EUR 30 million of the tax credits will be recovered before they expire and, accordingly, they have been retained in the statement of financial position. US consolidated tax group: A corporate restructuring process was carried out in the US in 2013 to group together under a single parent all of the Group's activities in the country, which has resulted in the creation of the US consolidated tax group. This consolidated group is composed of Ferrovial Holding US Corp, together with the parents of each of the businesses in the US, which are Cintra Holding US Corp for toll roads and Ferrovial Construction US Corp for construction, and, as subsidiaries of the latter, Webber LLC and Ferrovial Agroman US Corp. The remaining subsidiaries of each of the companies mentioned above are taxed with their parents under the pass-through rules in proportion to the percentage of ownership held and, accordingly, their earnings are also included in the US consolidated tax group. A model has been created in order to analyse the recoverability of this group's tax assets. Following the performance of several sensitivity analyses, in certain scenarios not all the available tax assets will be recovered and, therefore, an asset of EUR 208 million was recognised, compared with a maximum tax asset of EUR 481 million. b) Assets and liabilities arising from timing differences between the accounting and tax income and expense recognition methods This item relates to the tax impact resulting from the fact that the timing of recognition of certain expenses or depreciation and amortisation charges is different for accounting and tax purposes. The recognition of a tax asset in this connection means that certain expenses have been recognised for accounting purposes before their recognition for tax purposes and, therefore, the Company will recover these expenses for tax purposes in future years. Conversely, a liability represents an expense that is recognised for tax purposes before its recognition for accounting purposes. The deferred tax assets include most notably: - Provisions recognised for accounting purposes which do not have a tax effect until they are materialised (EUR 207 million). - Deferred tax assets of EUR 99 million arising as a result of differences between the tax and accounting methods used to recognise income, mainly in the Construction Division. - Differences arising in relation to the capitalisation of borrowing costs (EUR 75 million). The balance of the deferred tax liabilities relates mainly to: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-59

- Accelerated depreciation and amortisation for tax purposes (EUR 158 million). - Differences between tax and accounting criteria in relation to the recognition of provisions (EUR 312 million). - Differences between the tax base and carrying amount of associates (EUR 214 million). c) Deferred taxes arising from the revaluation of derivatives, pension funds and translation differences (valuation adjustments) This reflects the cumulative tax impact resulting from valuation adjustments recognised in reserves. This impact appears as an asset or liability since there is generally no direct tax effect until this amount in reserves is transferred to profit or loss. The asset balance relates to accumulated losses in reserves that will result in tax income when it is recognised in profit or loss. The liability balance relates to gains not yet recognised for tax purposes. Noteworthy is the deferred tax asset relating to financial derivatives, amounting to EUR 191 million. d) Deferred taxes relating to goodwill These relate to deferred tax liabilities arising as a result of the amortisation of goodwill for tax purposes amounting to EUR 209 million. The detail of the changes in the deferred tax assets and deferred tax liabilities in 2012 is as follows: Millions of euros Balance Adjustments Charge/Credit Exchange Balance Charge/Credit at Transfers to profit or rate at to equity 01/01/12 and other loss effect 31/12/12 Deferred tax assets Tax assets 807-160 3 29 0-2 677 Differences between tax and accounting income and expense recognition methods 508 79-82 -72-12 9 431 Deferred tax assets arising from valuation adjustments 658-144 -18-28 9-4 474 Other 46 4-27 6 0-2 27 Total 2,018-221 -124-65 -3 2 1,608 Millions of euros Balance at 01/01/12 Transfers Adjustments and other Charge/Credit to profit or loss Charge/Credit to equity Exchange rate effect Balance at 31/12/12 Deferred tax liabilities Deferred tax liabilities relating to goodwill 171 7 0 4 0 2 184 Differences between tax and accounting income and expense recognition methods 934-79 -173 9 107-2 795 Deferred tax liabilities arising from valuation adjustments 37-13 0 1 11 0 36 Other 156-111 16 5 0 0 66 Total 1,298-197 -157 18 118-1 1,080 21.4 Years open to tax audit Contingent tax liabilities which cannot be objectively quantified may arise from the criteria that tax authorities may adopt in relation to the years open for review. The main tax audits in progress currently affect the following entities: Ferrovial, S.A. (Ferrovial, S.A. Group), Ferrovial Servicios, S.A. and Ferroser Servicios Auxiliares, S.A. (audit of income tax, 2007 to 2011; VAT, December 2009 to 2011; withholdings on salary income, December 2009 to 2011; withholdings on income from movable capital, December 2009 to 2011 and non-resident income tax withholdings, December 2009 to 2011). It is considered that any possible material tax contingencies are adequately provided for at year-end. 22. Contingent liabilities, contingent assets and commitments 22.1 Litigation In carrying on its activities the Group is subject to possible contingent liabilities of varying kinds. These contingent liabilities lead to lawsuits or litigation in relation to which a provision is recognised based on the best estimate of the foreseeable disbursements required to settle the commitment (see Note 17). Therefore, it is not expected that any significant liabilities will arise, other than those for which provisions have already been recognised, that might represent a material adverse effect. The detail of the most significant litigation, in terms of amount, in the Group's various business divisions is as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-60

a) Litigation in relation to the Toll Road business Litigation and risk in relation to the increase in the cost of compulsory purchases for toll roads on land in the Autonomous Community of Madrid R-4 toll road: Compulsory purchase cost overruns The company has been involved in various lawsuits for several years in relation to compulsory purchases of land on which the toll roads were built. The subject-matter of the lawsuits is the valuation of the land on the basis of its classification for development purposes. In general, the land has been valued at much higher amounts than those considered by the company. The value was set by the Madrid Provincial Compulsory Purchase Board and the High Court of Madrid and, subsequently, ratified by the Supreme Court. In order to mitigate this risk, in 2010 the Spanish Government approved a measure to restore the economic and financial equilibrium of concessions, thus entitling the company to obtain a participating loan to meet compulsory purchase cost overruns where the land value set was more than 175% of the amount envisaged in the tender bid. Although the concession operator has made various requests to the authorities, they have been dismissed due to administrative silence and, accordingly, appeals have been filed against such dismissals in the courts. Therefore, a provision of EUR 446 million had been recognised in this connection at 31 December 2013 (31 December 2012: EUR 345 million) on the basis of the best estimate at year-end. In addition to the problems relating to compulsory purchases, the R-4 toll road has been affected by significant reductions in traffic in recent years. In order to mitigate these reductions, the Government introduced a measure to restore the economic and financial equilibrium of the concession consisting of the possibility of obtaining a traffic-shortfall compensation account from the concession grantor (as well as a supplementary participating loan from 2013 to 2018, inclusive). The requests made in 2012 and 2013 were expressly dismissed due to lack of budget and, therefore, these decisions were challenged in the courts. The evolution of the two factors described above (the compulsory purchase cost overruns and the significant reduction in traffic) made it impossible to refinance the debt of EUR 582,408 thousand relating to the project. In this situation the commitment to pay compensation for certain compulsory purchases fell due, which meant that the two companies managing the project (Autopista Madrid Sur and Inversora de Autopistas del Sur) became insolvent and prompted them to resolve to petition for the initiation of the related voluntary insolvency proceedings on 14 September 2012. Madrid Commercial Court no. 4 order of 4 October 2012 declared the two companies to be in a state of voluntary insolvency. The insolvency proceeding is currently in the common phase. At 31 December 2013, Ferrovial had recognised a provision for the full amount of the investment and the financial guarantees granted in the aforementioned project. Madrid-Levante toll road: The AP-36 toll road has been affected by significant reductions in traffic in recent years. In order to mitigate these reductions, the Government introduced a measure to restore the economic and financial equilibrium of the concession consisting of the possibility of obtaining a traffic-shortfall compensation account from the concession grantor (as well as a supplementary participating loan in 2013). The requests made in 2012 and 2013 were expressly dismissed due to lack of budget and, therefore, these decisions were challenged in the courts. On 19 October 2012, due to the adverse changes in traffic and faced with the impossibility of meeting the repayments on their financial debt -which at 31 December 2012 amounted to EUR 531,844 thousand and was going to mature at the end of that yearthe two companies managing this project, Autopista Madrid Levante and Inversora Autopistas de Levante, petitioned for voluntary insolvency proceedings to be initiated. Madrid Commercial Court no. 2 order of 4 December 2012 declared the two companies to be in a state of voluntary insolvency. After the phase for challenging the insolvency manager's reports had concluded and all of the insolvency incidents had been resolved, on 20 January 2014 the company was notified of the order terminating the common phase of the insolvency proceeding and initiating the creditors' arrangement, in addition to calling the creditors' meeting for 30 April 2014. However, since a decision has not yet been handed down on an appeal against the order, the creditors' meeting could be postponed. At 31 December 2013, Ferrovial had recognised a provision for the full amount of the investment in the aforementioned project. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-61

M-203 toll road: The M-203 toll road is an administrative concession for a road in the Madrid Autonomous Community, the construction project for which has been on hold for several years and which also exhibits risks relating to compulsory purchase cost overruns. After implementing various measures to attempt to restore the economic and financial equilibrium of the concession, on 31 October 2012 the concession operator submitted a request for the termination of the arrangement for a cause attributable to the grantor. The request was dismissed due to administrative silence and, therefore, on 20 February 2013 the company filed an appeal for judicial review of the purported dismissal at the Judicial Review Chamber of the High Court of Madrid. On 9 August 2013, the company was notified of an order to impose penalties due to breach of the term for the completion of the project. On 10 September 2013, an appeal for judicial review was filed against the above order which the court agreed to stay during the review process. Both appeals were joined in a single proceeding at the High Court of Madrid. In 2013 a provision of EUR 6 million was recognised in relation to the guarantees provided for the execution of the project, as indicated in Note 23, and the provision for compulsory purchases was re-estimated, recognising an additional EUR 2 million against concession assets (see Note 7), and, therefore, the provisions for contingencies associated with this company totalled EUR 18 million (2012: EUR 10 million). b) Litigation relating to the Construction business The Group's Construction Division is involved in various lawsuits relating primarily to possible defects in the construction of completed projects and claims for third-party liability. The provisions recognised in relation to these risks at 31 December 2013 totalled EUR 190 million (2012: EUR 157 million) and relate to a total of approximately 160 lawsuits. The most significant litigation, in terms of amount, in this business area is as follows: Muelle del Prat: this corresponds to a claim relating to the construction project for the new container terminal at the Port of Barcelona. The work was performed by Ferrovial Agroman as part of an unincorporated temporary joint venture (UTE) with other companies. The claim -for an amount of EUR 97 million- was lodged by the Port of Barcelona in September 2011 against all the companies involved in the performance of the project and arose as a result of the damage caused by an accident during construction work. A judgment was handed down in 2013 partially upholding the claim filed by the customer, ordering the defendants jointly and severally to pay EUR 20.9 million plus interest. The period for appealing this judgment expires in March. Sociedad Cooperativa de Viviendas Cuatro Olmos: this corresponds to a claim by the customer (Cuatro Olmos) in relation to construction defects. The amount claimed is EUR 6 million. Gran Casino Real de Aranjuez: this corresponds to a claim for EUR 15.7 million filed by the customer in relation to construction defects. Viviendas Sanchinarro comunidad Ana de Austria: a claim by the Community Association valued at EUR 6.7 million in relation to various items. In February 2014 a judgment was handed down at first instance which concluded that the amount claimed should be met jointly and severally together with the developer. This decision was appealed by Ferrovial Agroman. Torre Woermann: this corresponds to a claim amounting to EUR 15 million filed in May 2011 by the owners of a building in Tenerife in relation to various construction defects. Arbitration in relation to the construction project for Warsaw airport: this corresponds to a claim filed against the UTE made up of Ferrovial Agroman and Budimex in relation to the termination of the contract to construct Terminal 2 of Warsaw Airport. In 2007 the customer executed the guarantee provided amounting to EUR 13.5 million and filed a claim against the construction joint venture for a total of EUR 67 million. In turn, the construction joint venture filed claims against the customer for the unlawful execution of the guarantee and for uncollected amounts totalling EUR 54.5 million. In September 2012, after the favourable award of the Arbitration Court (confirmed in 2013 by the Supreme Court), the customer returned the executed guarantee and paid the interest accrued from when the guarantee was executed. The Arbitration Court has not yet handed down an award on the core issue. c) Litigation relating to the Services business The Services business is involved in lawsuits relating to the ordinary course of the business which correspond to employment and environment-related claims and claims relating to defects or delays in the provision of services, as well as claims relating to the recoverability of trade receivables for which a provision of EUR 1 million had been recognised at year-end (2012: EUR 2 million). With respect to the Services business in Spain, the main lawsuit that had been in progress at 31 December 2012 related to the claim filed by the owner of the land of the Guadalajara landfill, claiming EUR 27 million in damages from Cespa. On 1 October 2013, an award was issued by the sole arbitrator, thereby ending the proceeding and dismissing the claim filed. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-62

With respect to the Services business in the UK, the main lawsuit relates to the settlement of the Services contract with Cumbria County Council (CCC). As a result of the termination of the contract in 2012, Amey claimed GBP 27.2 million from the customer and, in answer to the claim, CCC filed a counterclaim for GBP 22.4 million. In November 2013 Amey instigated a court proceeding which is expected to have a favourable outcome in 2014. Accordingly, no provision had been recognised in this connection at 31 December 2013. In addition, in 2012, as a result of the accident that obliged it to halt activity at the waste treatment plant operated by it under a concession arrangement, Amey Cespa WM, Ltd filed a claim against the company that built the plant. In 2013, a judgment was handed down on the claim and the company received damages from the construction company that cover the repair of the plant. In 2013 the Group reversed the provision of EUR 30 million recognised in 2012 (see Note 23). d) Tax litigation As indicated in Note 17, the Group companies are involved in various tax-related claims that arose from tax assessments issued by the Spanish tax authorities mainly in relation to income tax and VAT for the years from 2006 to 2010. e) Other litigation In addition to the litigation discussed above, of particular note are certain claims that have been filed by Promociones Habitat, S.A. in relation to the guarantees provided under the agreement for the purchase of Ferrovial Inmobiliaria, S.A. These claims are currently pending resolution or payment and a provision for the amount thereof has been duly recognised in the financial statements. 22.2 Guarantees a) Guarantees provided to third parties In carrying on its activities the Group is subject to possible contingent liabilities -uncertain by nature- relating to the liability arising from the performance of the various contracts that constitute the activity of the various business divisions. A portion of these risks is covered by insurance policies such as third-party liability or construction-defect insurance policies. In order to cover the aforementioned liability, the Group has provided guarantees primarily to customers. At 31 December 2013, the balance of guarantees provided amounted to EUR 4,038 million (2012: EUR 4,044 million). The following table contains a breakdown of guarantees by business area. The most significant item relates to the Construction Division (EUR 2,751 million), consisting basically of guarantees required in bidding processes to cover the liability of construction companies for the performance and completion of their construction work contracts. Millions of euros 2013 2012 Construction 2,751 2,881 Toll roads 190 322 Services 740 586 Airports 6 6 Other 351 248 Total 4,038 4,044 Of the total amount of the Group's guarantees, EUR 219 million secure its commitments to invest in the capital of infrastructure projects, mentioned in Note 22.3, and EUR 30 million secure possible disbursements of additional capital for projects only where certain events arise (contingent capital), as described in section b.1) below. b) Guarantees provided by Group companies to other companies in the Group In general, the guarantees provided among Group companies cover third-party liability arising from contractual, commercial or financial relationships which does not have an effect on the consolidated Group. However, there are certain guarantees provided to infrastructure project companies by other Group companies which, due to the classification of project borrowings as being without recourse, it is relevant to disclose. It is also important to detail the guarantees provided to companies accounted for using the equity method, whether or not they are infrastructure project companies, to the extent that they could entail additional future investments in the capital of these companies if the secured events should arise. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-63

b.1) Guarantees provided to fully consolidated infrastructure project companies (contingent capital) As mentioned in Note 18, Net cash position, the borrowings for infrastructure projects are without recourse to the shareholders. However, there are certain guarantees provided by non-infrastructure project companies to infrastructure project companies which, if they are executed due to the occurrence of the event guaranteed, could result in disbursements to the latter other than the committed capital (such guarantees are called contingent capital). The detail, by beneficiary company, purpose and maximum amount, of the outstanding guarantees of this nature at 31 December 2013 is as follows: Beneficiary company (infrastructure project) Guarantee purpose Auto-Estradas Norte Litoral Guarantee limited to cover compulsory purchase cost overruns 2 Azores Capital contribution guarantee in the event of an equity imbalance at the concession operator from 2014 to 2017 R4 Madrid Sur Guarantee covering termination of the concession 15 Ausol SH-130 LBJ NTE Subtotal guarantees - Cintra projects Guarantee to cover the debt service reserve account and the maintenance reserve account in the event of a cash deficit Guarantee for compulsory purchase cost overruns (EUR 13 million) and capital contributions in the event of a cash deficit (EUR 2 million) Guarantee to cover the debt service reserve account if there is a cash deficit at the date of entry into operation. Guarantee to cover the debt service reserve account if there is a cash deficit at at the date of entry into operation. Amount 11 30 15 32 25 130 Alicante desalination plant Guarantees relating to refund obligations to the bank arising from termination of the contract 14 Conc. de Prisiones Lledoners, S.A. Guarantees relating to refund obligations to the bank arising from termination of the contract 59 Figueras prisons concession Guarantees relating to refund obligations to the bank arising from termination of the contract 76 Subtotal guarantees - Construction projects Total guarantees - Fully consolidated infrastructure projects 279 149 The amounts relating to the guarantees correspond to the Ferrovial Group s percentage interest in the various projects. At 31 December 2013, a provision of EUR 26 million had been recognised in relation to the guarantees relating to R4 Madrid Sur and the Azores toll road (see Note 17). b.2) Guarantees provided to companies accounted for using the equity method The detail of the amounts of the guarantees (corresponding to the Ferrovial Group's percentage interest) in relation to the financing of the infrastructure projects accounted for using the equity method (contingent capital) is as follows: Beneficiary company Guarantee purpose Amount 407 East Extension (Cintra) Contingent capital to cover the potential exposure of the banks to a lack of funds at the concession operator during the construction period A-66 Benavente-Zamora (Cintra) Guarantee in the event of compulsory purchase cost overruns and collection delays 3 13 Serrano Park (Cintra) Urbicsa (Construction) Total guarantees - Infrastructure projects accounted for using the equity method Guarantee to cover the debt service and maintenance reserve accounts in the event of a cash deficit Guarantee to cover the debt service and maintenance reserve accounts in the event of a cash deficit 4 53 73 In addition, there are various companies accounted for using the equity method that perform certain services contracts. Since these companies are incorporated with other shareholders solely for the purpose of performing a contract, the shareholders are obliged to provide certain technical guarantees to the customer in relation to the correct performance of the services rendered. Such guarantees therefore cover the entire amount of the contract. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-64

Notable in this respect are the guarantees provided by Amey for the companies that perform various prisoner transport contracts for the Ministry of Justice in the UK (EUR 396 million relating to Amey's percentage interest) and the contracts relating to housing maintenance for the UK Ministry of Defence (EUR 199 million relating to Amey's percentage interest), as well as the guarantee provided for the company that performs maintenance at Doha Airport (EUR 87 million relating to Ferrovial Servicios' percentage interest). c) Assets pledged as collateral The assets pledged as collateral are described in the notes as follows: - Pledges of property, plant and equipment, see Note 8. - Pledges of inventories, see Note 12. - Pledges of deposits or restricted cash, see Note 18. d) Guarantees received from third parties At 31 December 2013, Ferrovial had received guarantees from third parties totalling EUR 673 million, mainly in the Construction Division in relation to the fulfilment of certain rights held mostly by the Ferrovial Agroman companies in the United States (EUR 497 million), the Budimex Group (EUR 88 million) and the other construction companies (EUR 82 million). 22.3 Investment commitments As described in Note 1, the infrastructure projects carried out by the Group are performed through long-term contracts where the concession operator is a company in which the Group has interests, either alone or together with other partners, and the borrowings necessary for financing the project are allocated to the project itself, without recourse to the shareholders, under the terms set forth in Note 18. From the management viewpoint, therefore, Ferrovial takes into account only the investment commitments relating to the capital of the projects, since the investment in the assets is financed by the borrowings of the projects themselves. The investment commitments of the Group in relation to the capital of its projects are as follows: Maturities Millions of euros 2014 2015 2016 2017 and subsequent years TOTAL Investments in fully consolidated infrastructure projects 81 75 56 156 368 Toll roads 81 75 43 55 254 Services 0 0 13 101 114 Investments in infrastructure projects accounted for using the equity method 11 37 20 0 68 Toll roads 11 10 0 0 21 Services 0 27 20 0 47 TOTAL INVESTMENTS IN INFRASTRUCTURE PROJECTS 92 112 76 156 436 At 31 December 2013, the total investment commitments amounted to EUR 436 million (2012: EUR 356 million). This net increase of EUR 101 million was associated mainly with the new projects awarded to the Amey and Cespa Groups amounting to EUR 114 million, as well as the capital commitments in the new NTE 3A-3B toll road totalling EUR 144 million. In addition, disbursements of EUR 111 million associated with the LBJ and NTE toll roads currently under construction fell due in 2013. As indicated in Note 22 a), a portion of these commitments, amounting to EUR 222 million, are secured by a part of the guarantees mentioned therein. Also, the guarantees mentioned in Note 22 b.1) include EUR 15 million relating to contingent capital, payment of which is considered highly probable. There are also property, plant and equipment purchase commitments totalling EUR 321 million (2012: EUR 253 million) with respect to the acquisition of machinery or the construction of treatment plants in the Services Division, and other outstanding investment commitments of EUR 21 million relating mainly to the purchase of an additional 30% of Steel in the long term, which has been provided for (see Note 17). The maturity schedule is as follows: Millions of euros 2014 2015 2016 2017 and subsequent years TOTAL Services 88 90 44 120 342 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-65

a) Commitments under operating and finance leases The expense recognised in relation to operating leases in the income statement for 2013 totals EUR 240 million (2012: EUR 211 million). The future total minimum lease payments for non-cancellable operating leases are shown below: Millions of euros CORPORATE CONSTRUCTION TOLL ROADS SERVICES AIRPORTS TOTAL Within one year 5 21 3 39 0 63 Between one and five years 14 22 6 53 0 83 After five years 27 1 0 13 0 41 LESSEE 45 44 9 104 0 186 Millions of euros CORPORATE CONSTRUCTION TOLL ROADS SERVICES AIRPORTS TOTAL Within one year 5 28 3 40 0 73 Between one and five years 18 20 7 68 0 105 After five years 29 4 0 12 0 51 LESSEE 52 52 10 120 0 230 2013 2012 The Group does not have any significant commitments as a lessor under operating leases. b) Environmental commitments Any operation designed mainly to prevent, reduce or repair damage to the environment is treated as an environmental activity. Costs incurred to protect and improve the environment are taken to the income statement in the year in which they are incurred, irrespective of when the resulting monetary or financial flow takes place. Provisions for probable or certain environmental liability, litigation in progress and indemnities or other outstanding commitments of undetermined amount not covered by insurance policies are recorded when the liability or commitment giving rise to the indemnity or payment arises. These provisions include most notably the provisions for landfill closure discussed in Note 17, the balance of which at 31 December 2013 was EUR 94 million (31 December 2012: EUR 88 million). 23. Impairment and disposals of non-current assets The detail of the main gains and losses relating to impairment and disposals is as follows: Gains and losses recognised in 2013: Millions of euros Impact on profit or loss before tax Before fair Fair value value Total 2013 adjustments adjustments Impact on net profit or loss Gains from disposals: 108 0 108 131 Heathrow Airport Holdings 40 0 40 82 Construction Division - Poland 46 0 46 27 Amey joint ventures 20 0 20 20 Other 1 0 1 1 Impairment losses 0 18 18 4 Impairment and gains and losses on disposals of noncurrent assets 108 18 126 135 Gains from disposals In 2013 a partial divestment took place of the ownership interest held by the Group in HAH (Heathrow Airport Holdings, formerly BAA) (see Note 1.2). Effective from 24 October 2013, Hubco Netherlands sold a 8.65% ownership interest held by it in HAH, giving rise to the recognition of a gain of EUR 40 million (EUR 82 million in the net profit attributable to the Parent). This transaction gave rise to a benefit for income tax purposes of EUR 41 million (with no impact on cash), since the divestment resulted in the definitive use of a tax asset generated by the difference between the initial amount invested in the company's share capital and the final price at which it was sold, which until then had been recognised as a deferred tax liability. As a result of this transaction Ferrovial's indirect ownership interest in HAH stands at 25%. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-66

In December 2013 the Construction Division sold its subsidiary Danwood Sp. Z.o.o. to the investment fund Enterprise Investors for EUR 57 million (see Note 1.2). This transaction gave rise to a gain of EUR 46 million (EUR 27 million in net profit). Lastly, in March 2013 Amey completed the sale of 40% of its joint ventures carrying out long-term projects (see Note 1.2), for GBP 37 million, giving rise to a gain of EUR 20 million (EUR 20 million in the net profit attributable to the Parent). After the sale, the UK subsidiary of Ferrovial Servicios now holds a 10% stake in this company and the operation of the contracts. Impairment Net impairment losses recognised in 2013 (charges less reversals) amounted to EUR 18 million. On the one hand, impairment losses amounting to EUR 91 million were reversed in the Toll Roads Division (EUR 61 million with an impact on net profit of EUR 45 million) and the Services Division (EUR 30 million (see Note 17) with an impact on net profit of EUR 23 million), mainly because the grounds which gave rise to their recognition in prior years ceased to exist. With respect to the Toll Roads Division, the main impact relates to the Greek toll roads (EUR 55 million before tax, representing an effect of EUR 39 million on net profit), since provisions for guarantees were reversed after an agreement was reached with the Greek authorities on the project's viability (see Note 9 and 17), as well as to the reversal of EUR 6 million relating to a provision to cover potential claims in connection with the sale of the Chilean toll roads in 2010 (see Note 17). As regards the Services Division, an impairment loss recognised in prior years relating to a waste treatment plant in the United Kingdom was reversed (see Note 17). Conversely, impairment losses amounting to EUR -73 million were recognised for certain assets whose carrying amounts the Company estimated to be higher than their recoverable amounts. The most significant impairment losses arose at the Toll Roads Division (EUR -55 million), including most notably Ausol (EUR -31 million, see table in Note 5.1), Euroscut Azores (EUR -11 million, see Note 17), SH-130 (EUR -7 million, see Note 7), M-203 toll road (EUR -6 million, see Note 17) and at the Services Division for the Albaida waste plant (EUR -12 million, see Note 8). The impact on net profit, after tax and non-controlling interests, of aggregate impairment charges and reversals amounted to EUR 4 million. Gains and losses recognised in 2012: The breakdown of the main gains and losses recognised in 2012 in relation to sales and impairment of significant assets and of their impact on the net profit or loss recognised is as follows: Millions of euros Before fair value adjustments Impact on profit or loss before tax Fair value adjustments Total 2012 Impact on net profit or loss Gains from disposals: 115 0 115 186 Heathrow Airport Holdings 115 0 115 186 Impairment losses 0-63 -63-46 Impairment and gains and losses on disposals of non-current assets 115-63 52 140 24. Operating income The detail of the Group's operating income at 31 December 2013 is as follows: Millions of euros 2013 2012 Revenue 8,166 7,630 Other operating income 10 17 Total operating income 8,176 7,647 Revenue includes the interest on the consideration for the services provided by the concession operators that apply the financial asset model, amounting to EUR 149 million (2012: EUR 144 million), as described in Note 2.5.3. Other Operating Income includes mainly grants related to income received in 2013 amounting to EUR 9 million (2012: EUR 13 million). Ferrovial, S.A. Consolidated financial statements at 31 December 2013-67

25. Staff costs The detail of the staff costs is as follows: Millions of euros 2013 2012 Wages and salaries 1,922 1,704 Social security costs 382 357 Pension plan contributions 6 7 Share-based payments 18 12 Other employee benefit costs 23 22 TOTAL 2,351 2,102 The detail of the number of employees at 31 December 2013 and 2012, by professional category and gender, is as follows: 2013 2012 Change Men Women Total Men Women Total Directors 11 1 12 11 1 12 0.00% Senior executives 11 1 12 11 1 12 0.00% Executives 374 61 435 362 55 417 4.32% University and further education college graduates 6,607 2,057 8,664 5,618 1,867 7,485 15.75% Clerical staff 1,049 2,534 3,583 962 2,243 3,205 11.79% Manual workers and unqualified technicians 39,382 14,010 53,392 30,187 12,537 42,724 24.97% Total 47,434 18,664 66,098 37,151 16,704 53,855 22.73% The average number of employees, by business division, is as follows: 2013 2012 Change Men Women Total Men Women Total Construction 11,347 1,529 12,875 12,238 1,717 13,956-1,081 Corporate 195 141 336 193 140 333 3 Real estate 41 51 92 25 41 66 26 Services 31,204 16,151 47,355 25,967 14,706 40,673 6,682 Toll roads 608 292 900 606 301 907-7 Airports 19 10 29 17 10 27 2 Total 43,414 18,174 61,587 39,046 16,915 55,962 5,625 The main change in 2013 was due to the inclusion in the scope of consolidation of Enterprise, as indicated in Note 1.2, which resulted in the incorporation of 7,700 employees in 2013. 26. Financial result The table below shows the detail of the changes in the financial result from 2012 to 2013: The result of infrastructure projects is presented separately from the result of non-infrastructure project companies and in each of them a further distinction is made between the financial result on financing -which includes the finance costs on bank borrowings and bonds, and the returns on financial assets and loans granted- and the financial result on derivatives and other items, which includes the impact of the fair value measurement of ineffective hedges and other income and expenses not related to financing. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-68

Millions of euros 2013 2012 Change (%) Finance income on financing 2 3-38% Finance costs on financing -339-301 13% Financial result on financing of infrastructure projects -337-298 13% Result on derivatives and other fair value adjustments 7 2 199% Other financial results -7-6 17% Other financial results of infrastructure projects 0-4 -104% Total financial result of infrastructure projects -337-302 12% Finance income on financing 20 25-18% Finance costs on financing -73-57 29% Financial result on financing - non-infrastructure project companies -53-32 64% Result on derivatives and other fair value adjustments 72 46 58% Other financial results -15-13 16% Other financial results of non-infrastructure project companies 57 33 75% Total financial result of non-infrastructure project companies 5 1 709% Financial result -333-301 10% The financial result on the financing of the infrastructure project companies amounted to EUR -337 million (31 December 2012: EUR -298 million). Of this net result, EUR -339 million relate to these companies borrowing costs, which were offset slightly by the interest earned on cash and cash equivalent and non-current financial asset balances (mainly restricted cash) amounting to EUR 2 million. The financial result on financing also includes the effect of capitalised borrowing costs relating to construction projects, the detail being as follows: Millions of euros 2013 2012 Financial result on financing of infrastructure projects Accrued finance income and costs Borrowing costs capitalised during construction period Finance income and costs recognised in profit or loss Accrued finance income and costs Borrowing costs capitalised during construction period Finance income and costs recognised in profit or loss Total -421 84-337 -405 107-298 The other financial results of infrastructure projects include mainly the effect of ineffective derivatives, exchange differences and other results considered to be of a financial nature but not directly related to financing. The financial result on the financing of the non-infrastructure project companies amounted to EUR -53 million (31 December 2012: EUR -32 million), corresponding to borrowing costs (EUR -73 million), which include the impact of the repayment of the corporate loan in the year (EUR -16 million, see Note 18), and to the interest obtained mainly from financial investments (EUR 20 million). The other financial results of non-infrastructure project companies relate mainly to the impact of the derivatives considered to be ineffective, including most notably the equity swaps arranged by the Group to hedge the impact on equity of the share option plans (see Note 11), with a positive impact in 2013 of EUR 68 million due to the increase in the share price. This heading also includes other items such as the cost of bank guarantees and late-payment interest. 27. EARNINGS PER SHARE a) Basic earnings per share: The calculation of basic earnings per share attributable to the Parent is as follows: 2013 2012 Net profit attributable to the Parent (millions of euros) 727 692 Weighted average number of shares outstanding (thousands of shares) 733,510 733,510 Less average number of treasury shares (thousands of shares) 0 0 Average number of shares to calculate basic earnings per share 733,510 733,510 Basic earnings per share (euros) 0.99 0.94 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-69

b) Diluted earnings per share: At 31 December 2013 and 2012, the Group did not have any dilutive potential ordinary shares, since no convertible debt instruments were issued and the share-based or stock option remuneration plans discussed in Note 32 will not give rise to any capital increases at the Group, as explained in that Note. Consequently, no dilutive impact is envisaged when employee rights under the plans are exercised. 28. Cash flow The consolidated statement of cash flows was prepared in accordance with IAS 7. This Note provides an additional breakdown in this connection. This breakdown is based on internal criteria established by the Company for business purposes, which in certain cases differ from the provisions of IAS 7. The main criteria applied are as follows: - In order to provide a clearer explanation of the cash generated, the Group separates cash flows into Cash Flows Excluding Infrastructure Projects where infrastructure project concession operators are treated as financial assets and the investments in the capital of these companies are therefore included in cash flows from investing activities and the yields from the investments (dividends and capital reimbursements) are included in cash flows from operating activities, and Cash Flows of Infrastructure Projects, consisting of cash flows from the operating and financing activities of infrastructure project concession operators. - The treatment given to interest received on cash and cash equivalents differs from that of the statement of cash flows prepared in accordance with IAS 7, since this interest is included in cash flows from financing activities as a reduction of the amount of interest paid recognised under Interest Cash Flows. - Lastly, these flows endeavour to present the changes in the net cash position as the net amount of borrowings, cash and cash equivalents and restricted cash. This method also departs from that established in IAS 7, which explains the changes in cash and cash equivalents. December 2013 Cash flow excluding infrastructure projects December 2013 (figures in millions of euros) Cash flow of infrastructure projects CONSOLIDATED CASH FLOW Eliminations EBITDA 569 365 0 934 Dividends received 489 0-24 465 Taxes paid -48-34 0-82 Changes in receivables, payables and other 39-59 0-20 Cash flows from operating activities 1,048 272-24 1,296 Investments -754-704 152-1,307 Disposals 564 0 0 564 Cash flows from investing activities -191-704 152-743 Cash flows from operating and investing activities 858-433 128 553 Interest cash flows -44-286 0-330 Capital proceeds from non-controlling interests 0 269-152 117 Dividends paid -523-26 24-525 Exchange rate effect -47 151 0 104 Exclusions from scope of consolidation/assets held for sale/companies accounted for using the equity method -15 0 0-15 Other changes in borrowings (not giving rise to cash flows) -49-97 0-146 Cash flows from financing activities -678 12-128 -794 Change in net cash position 180-421 0-241 Opening position 1,484-6,595 0-5,111 Closing position 1,663-7,015 0-5,352 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-70

December 2012 Cash flow excluding infrastructure projects December 2012 (figures in millions of euros) Cash flow of infrastructure projects CONSOLIDATED CASH FLOW Eliminations EBITDA 569 358 0 927 Dividends received 387 0-24 363 Taxes paid -30-19 0-50 Changes in receivables, payables and other -12-44 0-56 Cash flows from operating activities 914 295-24 1,184 Investments -320-798 168-949 Disposals 893 0 0 893 Cash flows from investing activities 573-798 168-56 Cash flows from operating and investing activities 1,486-503 145 1,128 Interest cash flows -33-286 0-318 Capital proceeds from non-controlling interests 0 303-168 135 Dividends paid -826-25 24-827 Exchange rate effect 6 56 0 62 Exclusions from scope of consolidation/assets held for sale/companies accounted for using the equity method 0 0 0 0 Other changes in borrowings (not giving rise to cash flows) -57-63 0-120 Cash flows from financing activities -909-14 -145-1,068 Change in net cash position 577-517 0 60 Opening position 907-6,077 0-5,171 Closing position 1,484-6,595 0-5,111 The directors report includes detailed disclosures on the changes in cash flows. 29. Remuneration of the Board of Directors 29.1.- Bylaw-stipulated directors remuneration The table below shows the itemised bylaw-stipulated emoluments of the members of the Board of Directors earned in 2013 and 2012. This table does not include the remuneration received by the executive directors for the discharge of their executive functions at the Company, which is detailed in Note 29.2. DIRECTOR (a) (Amounts in thousands of euros) 2013 2012 Fixed Attendance Remainder remuneration fees Total Fixed remuneration (a) Attendance fees Remainder Rafael del Pino y Calvo-Sotelo 35.0 85.8 110.2 231.0 35.0 86.0 105.0 226.0 Santiago Bergareche Busquet 35.0 47.9 96.4 179.3 35.0 48.5 91.9 175.4 Joaquín Ayuso García 35.0 42.9 68.9 146.8 35.0 43.0 65.6 143.6 Iñigo Meirás Amusco 35.0 42.9 55.1 133.0 35.0 43.0 52.5 130.5 Jaime Carvajal Urquijo 35.0 47.3 55.1 137.4 35.0 47.5 52.5 135.0 Portman Baela, S.L. 35.0 45.1 55.1 135.2 35.0 45.0 52.5 132.5 Juan Arena de la Mora 35.0 64.9 55.1 155.0 35.0 62.5 52.5 150.0 Gabriele Burgio 35.0 58.3 55.1 148.4 35.0 55.0 52.5 142.5 María del Pino y Calvo-Sotelo 35.0 39.6 55.1 129.7 35.0 40.0 52.5 127.5 Santiago Fernández Valbuena 35.0 45.1 55.1 135.2 35.0 41.0 52.5 128.5 José Fernando Sánchez-Junco Mans 35.0 42.9 55.1 133.0 35.0 40.0 52.5 127.5 Karlovy, S.L. 35.0 36.3 55.1 126.4 35.0 33.0 52.5 120.5 TOTAL 420.0 599.0 771.4 1,790.4 420.0 584.5 735.0 1,739.5 (a) Period in office. Full year, unless otherwise stated. Under the Company s current remuneration scheme, regulated by Article 57 of its bylaws, the shareholders at the General Meeting determine the total annual remuneration for all the members of the Board of Directors. Total Ferrovial, S.A. Consolidated financial statements at 31 December 2013-71

The shareholders at the Company's General Meeting held on 22 October 2009 1 set the annual remuneration for the Board of Directors as a whole at EUR 1,772.7 thousand, based on the number of Board members at the date of approval (thirteen). As per the resolutions of that same General Meeting, if the number of Board members were to increase or decrease, the overall annual amount is to be adjusted accordingly based on the period of Board membership of the incoming or outgoing members. The shareholders at the General Meeting also decided that, for financial years after 2009, this amount would be automatically revised in line with the changes in the Consumer Price Index. In accordance with these resolutions 2 members of the Board of Directors. the overall annual amount for 2013 was set at EUR 1,790.2 thousand for the twelve Pursuant to Article 57 of the bylaws, each year the Board of Directors must distribute among its members the overall annual amount set by the General Meeting, comprising the following items: (i) A fixed emolument, set at a gross annual amount of EUR 420 thousand for the twelve members of the Board of Directors at the end of 2013. This total did not change with respect to 2012. (ii) Fees for actual attendance at meetings of the Board of Directors and its committees or advisory bodies. Attendance fees for 2013 totalled EUR 599.0 thousand. The amounts per meeting increased by 10% in 2013 and are now set at: Board of Directors: EUR 3,300/meeting; Executive Committee: EUR 2,200/meeting; Audit and Control Committee: EUR 2,200/meeting; Nomination and Remuneration Committee: EUR 1,700/meeting. The amount of the attendance fees earned by the chairman of each of these bodies is twice the sum indicated. (iii) And the lower of the following amounts: (a) the amount remaining, after deducting the preceding two items, to reach the overall total amount determined by the shareholders at the General Meeting; and (b) a sum equal to 0.5% of the consolidated profit for the year attributable to the Company. For 2013, since the figure of 0.5% of consolidated profit for the year attributable to the Company was higher, the remainder described in letter (a), i.e., the gross sum of EUR 771.2 thousand is to be distributed. The resulting amount is distributed by dividing it into 14, and the following factors are applied to the quotient in allocating the individual amounts: Chairman of the Board: *2; First Deputy-Chairman: *1.75; Second Deputy-Chairman: *1.25 and the other Board members: *1. Pursuant to the resolutions of the Board of Directors, the amount earned for this third item must be invested in shares of the Company. The acquisition of shares, in a single transaction, shall take place at the first trading session following the deadline set by the Spanish National Securities Market Commission (CNMV) to send the periodic financial information once the Annual General Meeting approving the financial statements for the year has been held. The shares acquired can only be divested by the interested party once three full years have elapsed after the year of acquisition. With regard to 2013, the Board of Directors of Ferrovial, S.A. intends to prepare and make available to shareholders the Annual Report on Directors' Remuneration referred to in Article 61 ter. of the Spanish Securities Market Law. This report will include a description of matters relating to the Company's remuneration policy for 2013, the policy planned for future years, an overview of how the remuneration policy was applied in 2013 and a detail of the individual remuneration earned by each of the directors in 2013. 29.2.- Individual remuneration of the executive directors a) Remuneration earned in 2013 and 2012 The two executive directors in 2013 and the three executive directors in 2012 earned the following remuneration for discharging their functions, in addition to the remuneration discussed in the preceding section. 1 Under the name of Cintra Concesiones de Infraestructuras de Transporte, S.A. 2 The year-on-year increase in the Consumer Price Index (CPI) in December 2012 was 2.9%, the percentage that was applied to the automatic revision of the remuneration of the Board of Directors. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-72

(Amounts in thousands of euros) 2013 REMUNERATION OF EXECUTIVE DIRECTORS Rafael del Pino y Calvo- Sotelo Fixed remuneration Variable remuneration Relating to boards of other subsidiaries Exercise of share options Life insurance premiums Share plans (1) Total 2013 1,175.00 2,063.00 0 0 5.01 1,875.00 5,118.01 Joaquín Ayuso García 0 0 37.77 413.38 0 625.00 1,076.15 Iñigo Meirás Amusco 970.00 1,854.00 0 118.65 3.14 1,875.00 4,820.79 TOTAL 2,145.00 3,917.00 37.77 532.03 8.15 4,375.00 11,014.95 (1) In March 2013, since the agreed conditions had been complied with in full, a number of shares equivalent to the units allocated in 2010 were delivered, after the relevant withholdings were performed. The CNMV was notified thereof on 12/03/13. (Amounts in thousands of euros) 2012 REMUNERATION OF EXECUTIVE DIRECTORS Rafael del Pino y Calvo- Sotelo Fixed remuneration Variable remuneration Relating to boards of other subsidiaries Exercise of share options Life insurance premiums Share plans Total 2012 1,150.00 1,970.00 0 318.61 4.67 0 3,443.28 Joaquín Ayuso García (2) 900 848.02 46.87 318.2 5.65 0 2,118.74 Iñigo Meirás Amusco 950 1,770 0 127.44 2.97 0 2,850.41 TOTAL 3,000.00 4,588.02 46.87 764.25 13.29 0 8,412.43 (2) As compensation for the loss of the position of senior executive at the Company and the concomitant annulment of the senior executive relationship, EUR 8,100 thousand gross were paid to Joaquín Ayuso in 2012 (an amount subject in full to personal income tax). Joaquín Ayuso ceased to discharge his executive functions on 29 November 2012. b) Share-based payment systems The detail of the outstanding share option plans and performance-related share award plans for executive directors at 31 December 2013 is as follows: SHARE OPTION PLANS EXECUTIVE DIRECTORS Situation at 31/12/13 Share options No. of equivalent shares Exercise price (euros) % of share capital Rafael del Pino y Calvo-Sotelo 2006 Plan 786,400 786,400 15.94 0.107 2008 Plan 1,179,600 1,179,600 11.69 0.161 Joaquín Ayuso García (1) 2006 Plan 786,400 786,400 15.94 0.107 2008 Plan 929,600 929,600 11.69 0.132 Íñigo Meirás Amusco 2006 Plan 400,000 400,000 15.94 0.055 2008 Plan 590,000 590,000 11.69 0.08 (1) J. Ayuso retains entitlement to these plans, which were granted to him when he was an executive director. As indicated in Note 30-a, the exercise prices of the these plans were revised for the reasons described therein. Specifically, this adjustment led to exercise price reductions of EUR 0.54 for the 2006 plan and EUR 0.43 for the 2008 plan, resulting in exercise prices of EUR 15.94 for the 2006 plan and EUR 11.69 for the 2008 plan. The premiums charged to the beneficiaries were EUR 0.5 for the 2006 plan and EUR 0.495 for the 2008 plan. PERFORMANCE-RELATED SHARE AWARD PLAN EXECUTIVE DIRECTORS Situation at 31/12/13 Units No. of voting rights % of voting power Rafael del Pino y Calvo-Sotelo Íñigo Meirás Amusco 2011 Allocation 132,000 132,000 0.018% 2012 Allocation 122,000 122,000 0.017% 2013 Allocation 104,650 104,650 0.014% 2011 Allocation 132,000 132,000 0.018% 2012 Allocation 122,000 122,000 0.017% 2013 Allocation 104,650 104,650 0.014% Ferrovial, S.A. Consolidated financial statements at 31 December 2013-73

The general characteristics of the two plans are detailed in section a) of Note 30, Share-based payment. 29.3. Remuneration of the members of the Board of Directors due to membership of other managing bodies of Group companies or associates The executive and non-executive directors of Ferrovial S.A. who are in turn members of the managing bodies of other Group companies or associates received EUR 37.7 thousand in this connection in 2013 (EUR 46.9 thousand in 2012). 29.4.- Pension funds and plans or life insurance premiums As in 2012, no contributions were made in 2013 to pension plans or funds for former or current members of the Company s Board of Directors. No such commitments were incurred during the year. As regards life insurance premiums, the Company has insurance policies covering death (for which premiums totalling EUR 8.15 thousand were paid in 2013; EUR 13.3 thousand in 2012), of which the executive directors are beneficiaries. No contributions were made and no commitments were incurred in respect of pension funds or plans for the directors of Ferrovial, S.A. who are members of other boards of directors and/or senior executives of Group companies or associates. No life insurance premiums were paid in this regard. The situation has not changed since 2012. 29.5.- Advances and loans At 31 December 2013, no advances or loans had been granted by the Company to the directors in their capacity as such or as members of other boards of directors and/or as senior executives of Group companies or associates. 29.6.- Remuneration of senior executives The joint remuneration earned by the Company s senior executives in 2013 was as follows: REMUNERATION OF SENIOR EXECUTIVES (thousands of euros) 2013 2012 Fixed remuneration 4,403.8 4,431.7 Variable remuneration 5,165.0 5,348.6 Performance-based share award plan 6,712.5 0 Exercise of share options and/or other financial instruments (see description) Remuneration as members of managing bodies of other Group companies, jointly controlled entities or associates 1,388.7 1,386.8 25.0 24.5 Contributions to pension funds or plans, or related obligations [-] [-] Insurance premiums 16.8 19.7 TOTAL 17,711.8 11,211.3 The aforementioned remuneration corresponds to the following posts: General Secretary, Chief Financial Officer, General Director of HR, General Director of Construction, General Director of Real Estate, General Director of Services, General Director of Airports, General Director of Toll Roads, General Director of Information Systems and Innovation, Director of Internal Audit, Director of Communications and Corporate Responsibility and Director of Corporate Strategy. This does not include remuneration for senior executives who were also executive directors, which was addressed previously. The Company has also introduced a flexible remuneration system called the Flexibility Plan, which provides employees with the possibility of voluntarily modifying their remuneration package based on their personal needs, replacing a portion of their remuneration with the award of certain payments in kind. These products include a group life and retirement-related savings insurance plan. Participants may request that a portion of their gross annual remuneration be paid by the Company in the form of a premium for a group life and retirement-related savings insurance policy. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-74

In this connection, the senior executives requested contributions of EUR 215.0 thousand from the Company, instead of the equivalent remuneration shown in the foregoing table (2012: EUR 301.5 thousand). 29.7.- Relationship between remuneration obtained and profit/loss of the Company In keeping with the best practices for director and senior executive remuneration, a portion of Ferrovial, S.A. directors' remuneration is linked to the consolidated profit for the year attributable to the Company. Similarly, the variable remuneration of the executive directors and senior executives of the Company is linked to various profit and profitability metrics at both corporate and business area level. The variable remuneration scheme of Ferrovial, S.A. is therefore linked closely to the Company's performance metrics. Since the consolidated profit attributable to the Company in 2013 amounted to EUR 727.2 million, the members of the Board of Directors were paid remuneration of EUR 771.2 thousand in respect of the remainder of their annual emoluments. Having achieved the objectives for profit and profitability established at the beginning of 2013, the members of the Board of Directors who perform executive duties received total aggregate variable remuneration of EUR 3,917 thousand. 29.8.- Other disclosures on remuneration The agreements between the Company and senior executives, including one executive director, specifically provide for the right to receive the indemnities referred to in Article 56 of the Workers Statute in the event of unjustified dismissal. In order to encourage loyalty and long-service, a deferred remuneration scheme was recognised for ten senior executives, including one executive director. The scheme consists of extraordinary remuneration that will only be paid when one of the following circumstances occurs: - Removal of the senior executive by mutual agreement upon reaching a certain age. - Unjustified dismissal or termination by the Company at its discretion without any justification for dismissal, prior to the senior executive reaching the age initially agreed upon, if the amount of this remuneration exceeds that resulting from applying the Workers' Statute. - The death or disability of the senior executive. To cover this incentive, each year the Company makes contributions to a group savings insurance policy, of which the Company is both policy-holder and beneficiary. These contributions are quantified on the basis of a certain percentage of the total monetary remuneration of each senior executive. The contributions made in 2013 amounted to EUR 1,883.5 thousand (2012: EUR 2,580.6 thousand), of which EUR 437.8 thousand correspond to executive directors. Individuals are occasionally hired to hold executive positions, mainly abroad, in areas unrelated to senior management. The contracts of these individuals include certain clauses that provide for indemnities in the event of unjustified dismissal. The contracts entered into with two senior executives stipulate additional rights in their favour, including prior-notice commitments incumbent upon the Company in the event of unjustified dismissal. 30. Share-based payment a) Share option plans Until 2008 Ferrovial used a remuneration system based on the delivery of share options. The share option plans outstanding at 31 December 2013 were as follows: Ferrovial, S.A. Consolidated financial statements at 31 December 2013-75

Participants Approval date Exercise deadline Exercise price Outstanding options (2013) Executives 05 - Ferrovial (additional) 01/08/06 31/07/14 EUR 14.89 160,000 Executives 05 - Ferrovial (additional) 30/10/06 29/10/14 EUR 16.02 115,200 Executives 05 - Ferrovial (additional) 25/01/07 24/01/15 EUR 17.59 73,600 Executives 05 - Ferrovial (additional) 03/07/07 02/07/15 EUR 17.74 14,400 Executives 05 - Cintra (additional) 25/07/07 24/07/15 EUR 10.65 39,582 Senior executives 06 - Ferrovial 04/05/06 03/05/14 EUR 15.94 2,908,800 Senior executives 06 - Ferrovial (additional) 03/07/07 02/07/15 EUR 17.74 228,000 Executives 07 - Ferrovial 23/11/07 22/11/15 EUR 14.35 5,004,600 Executives 07 - Cintra 23/11/07 22/11/15 EUR 10.35 364,262 Senior executives 08 - Ferrovial 26/04/08 25/04/16 EUR 11.69 4,958,200 Number of shares at end of year 13,866,644 These share option plans include the plans described above in Note 29 on remuneration of executive directors and senior executives. In 2013 changes were made to the exercise price of these options (which were notified to the CNMV on 25/02/13). This adjustment was in response to the change in value of the outstanding options, since the dividends effectively distributed were ultimately higher than those considered on the grant date for the calculation of the premium to be paid by the executives. The impact of this change on the income statement for 2013 was an expense amounting to EUR 2.6 million. All the share option plans include a three-year vesting period as from the grant date followed by a five-year exercise period, provided that certain minimum returns on consolidated equity or certain ratios of returns on productive assets are achieved. The changes in the Company's share option plans in 2013 and 2012 are summarised as follows: 2013 2012 Number of options at beginning of year 20,021,771 25,533,963 Plans granted 0 0 Options surrendered and other -840,436-490,800 Plans expired -4,076,960 0 Options exercised -1,237,731-5,021,392 Number of options at end of year 13,866,644 20,021,771 Since the aforementioned plans are in the exercise period, they do not give rise to staff costs on a regular basis. However, in 2013 cost adjustments were recognised amounting to EUR -1 million due to the reversal of staff costs incurred in prior years for options that were surrendered by the beneficiaries (EUR -1 million in 2012). b) Performance-based share award plan In 2009 the Company decided to implement a remuneration system based on the performance-related award of shares. Thus, on 17 December 2009 the Company decided to use as a remuneration system a three-year plan consisting of the award of shares of Ferrovial, S.A. The total number of shares granted annually under the plan may not exceed 2,420,000, representing 0.33% of Ferrovial, S.A.'s share capital. The plan consists of the allocation to beneficiaries of a number of units that will serve as a basis in order to determine the final number of shares that they will be able to receive as a result of their participation in the plan. Delivery is conditional upon at least three years service at the Company (barring special circumstances) and is subject to the achievement during this period of ratios based, on the one hand, on cash flows from operating activities and, on the other, on EBITDA as a percentage of net productive assets. The plan is aimed at executive directors, senior executives and other executives. The application of this programme to executive directors and senior executives was authorised by the Annual General Meeting held on 29 June 2010. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-76

On 19 December 2012, the Board of Directors approved a new three-year remuneration plan consisting of the award of shares of Ferrovial, S.A. The total number of shares that can be granted annually under the plan may not exceed 1,900,000, representing 0.26% of Ferrovial, S.A.'s share capital. The terms and conditions concerning award and duration are similar to those of the previous plan explained above, with the inclusion of an additional condition related to total shareholder return in relation to a comparable group. The application of this plan to executive directors and senior executives was authorised by the Annual General Meeting held on 22 March 2013. The changes in the aforementioned remuneration schemes in 2013 and 2012 are summarised as follows: 2013 2012 Number of shares at beginning of year 5,829,974 4,117,600 Plans granted 1,581,049 1,854,969 Plans settled -2,003,400 0 Shares surrendered and other -129,299-94,671 Shares exercised -77,499-47,924 Number of shares at end of year 5,200,825 5,829,974 These share award plans include the plans described above in Note 29 on remuneration of executive directors and senior executives. In 2013 the staff costs recognised in relation to these remuneration systems amounted to EUR 18 million (2012: EUR 13 million). These costs were measured as futures and, therefore, the value of the shares and the foreseeable dividends up to the delivery date is discounted to the value of the shares at the grant date, using a rate of return equal to the average cost of borrowings over the share award period. 31. Related party transactions Approval of transactions In accordance with the Board of Directors Regulations, all professional or commercial transactions of the persons referred to below with Ferrovial, S.A. or its subsidiaries require the authorisation of the Board of Directors, subject to a report from the Audit and Control Committee. In the case of ordinary transactions involving Ferrovial, S.A. the general approval of the Board of Directors for the related line of transactions will suffice. This authorisation is not necessary, however, for transactions that simultaneously fulfil the following three conditions: 1. Performed under contracts containing standard terms and conditions and applied en masse to numerous customers. 2. Effected at prices or rates established on a general basis by the party acting as the supplier of the good or service in question. 3. Amount does not exceed 1% of the Company s annual income. The following persons are subject to these rules: - Directors of Ferrovial, S.A. The person requesting authorisation shall vacate the meeting room while the Board deliberates and votes and may not exercise or delegate his or her voting rights. - Controlling shareholders. - Natural persons representing directors that are legal persons. - The Company's senior executives. - Such other executives as might be designated individually by the Board of Directors. - Persons related to the persons listed above, as defined in the Board of Directors Regulations. Related party transactions The main arm s length transactions with related parties carried out in 2013 in the ordinary course of business of the Company and of the Group are disclosed below. Where the profit or loss from a transaction cannot be stated, as it pertains to the entity or individual supplying the related good or service, the transaction has been marked with an asterisk (*). a) Significant shareholders The following table contains a breakdown of the transactions carried out in 2013 with significant shareholders, with members of the controlling family group (except for the natural persons who are in turn directors or representatives of directors of the Company, included in the following section) or entities related through shareholdings to persons from the controlling family group (1): Ferrovial, S.A. Consolidated financial statements at 31 December 2013-77

Name/ Company name Members of controlling family group / their related entities TRANSACTIONS WITH SIGNIFICANT SHAREHOLDERS 2013 2012 Ferrovial Group company Ferrovial Agroman, S.A. / subsidiaries Ferrovial Servicios, S.A. / subsidiaries Ferrovial Servicios, S.A. / subsidiaries Nature of transaction Commercial Commercial Commercial Type of transaction Construction and renovation work Integral management of services at Madrid offices Integral management of services Amount Profit or loss Balance Amount Profit or loss Balance (-) (-) (-) 140 14 0 450 47 178 461 124 143 2 0 0 (-) (-) (-) (1) According to the Notification of Voting Rights form submitted to the CNMV and the Company on 31 July 2013, the family group formed by María, Rafael, Joaquín, Leopoldo and Fernando del Pino y Calvo-Sotelo controls, as defined in Article 4 of the Spanish Securities Market Law, through Karlovy, S.L. (Karlovy), the majority of the share capital of Portman Baela, S.L. (Portman). Also, Casa Grande de Cartagena, S.L.U. is controlled by certain members of the aforementioned family group. At the aforementioned date, Portman held 41.053% of the share capital of Ferrovial, S.A. At that date, Karlovy held a direct ownership interest of 0.002% in the share capital of Ferrovial, S.A. The family group formed by the persons listed above controlled, at the aforementioned date, through Karlovy and Portman, 41.055% of the share capital of Ferrovial, S.A. The concerted action described is merely de facto and independent of the shareholders agreements notified to the CNMV as a relevant event on 29 December 2009 (entry no. 2009118302) with regard to the restrictions on the free transferability of the shares of Karlovy and Portman. Based on this notification, the sum of the shares held directly and indirectly by all the members of the family group, i.e. María, Rafael, Joaquín, Leopoldo and Fernando del Pino y Calvo-Sotelo, as well as by Karlovy, S.L., Portman Baela, S.L. and Casa Grande de Cartagena, S.L.U., amounted to 319,413,835 shares, representing 43.546% of the share capital of Ferrovial, S.A. b) Transactions with directors, senior executives and related companies The transactions performed with the Company s directors, representatives of directors and senior executives in 2013 are shown below. The table also includes the transactions performed with companies considered to be related to the foregoing (if they were so considered during a portion of the year, the transactions performed in that period are indicated): Ferrovial, S.A. Consolidated financial statements at 31 December 2013-78

TRANSACTIONS WITH DIRECTORS, SENIOR EXECUTIVES AND RELATED COMPANIES (1 of 2) Name/ Company name Rafael del Pino y Calvo-Sotelo Ferrovial Group company Nature of transaction Ferrovial Servicios, S.A. / subsidiaries Commercial Type of transaction Maintenance, cleaning and gardening services Amount (thousands of euros) 2013 2012 Profit or loss Balance Amount Profit or loss Balance 18 2 2 15 5 1 Ferrovial Agromán / subsidiaries Commercial Construction and renovation work 2,122 60 105 25 0 0 Joaquín Ayuso García Ferrovial Agromán / subsidiaries Commercial Real estate renovation 1 0 0 8 0 0 Person related to Iñigo Meirás Amusco Ferrovial Servicios, S.A. / subsidiaries Commercial Maintenance and gardening services (-) (-) (-) 31 0 0 María del Pino y Calvo-Sotelo Ferrovial Agromán / subsidiaries Commercial Real estate renovation 1 0 0 2 0 20 Person related to Jaime Aguirre de Cárcer Álvaro Echániz and related person Ferrovial Inmobiliaria, S.A. Commercial Sale of buildings/land (-) (-) (-) 129 1 38 Ferrovial Inmobiliaria, S.A. Commercial Sale of buildings/land (-) (-) (-) 396 0 114 Ferrovial Agromán / subsidiaries Commercial Real estate renovation 8 0 0 (-) (-) (-) Santiago Olivares and related person Ferrovial Inmobiliaria, S.A. Commercial Sale of buildings/land (-) (-) (-) 260 1 76 Almirall Laboratorios Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of waste collection services 29 1 4 122 10 17 Aviva Ferrovial Group companies Commercial Arrangement of insurance policies 2,440 (*) 0 2,581 (*) 149 Maxam Europe and group companies Ferrovial Agromán / subsidiaries Commercial Cepsa Everis and group companies Asea Brown Bovery Receipt of supplies of explosives and detonators 147 (*) -48 232 (*) 46 Ferrovial Agromán / subsidiaries Commercial Construction work (-) (-) (-) 45 0 0 Ferrovial Group companies Commercial Receipt of fuel supplies 14,129 (*) -339 16,933 (*) -1,250 Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of maintenance services 16 2 0 3 3 0 Cintra Commercial Receipt of communication services 23 (*) -27 16 (*) 0 Ferrovial Servicios, S.A. / subsidiaries Commercial Receipt of communication services 685 (*) 0 (-) (-) (-) Ferrovial Group companies Commercial Receipt of equipment repair, upkeep and maintenance services 141 (*) -49 21 (*) 0 Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of waste collection services 6 1 0 12 1 4 (*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-79

TRANSACTIONS WITH DIRECTORS, SENIOR EXECUTIVES AND RELATED COMPANIES (2 of 2) (thousands of euros) 2013 2012 Name/ Company name Ferrovial Group company Nature of transaction Type of transaction Amount Profit or loss Balance Amount Profit or loss Balance Telefónica Meliá Hotels and group companies Ferrovial Group companies Commercial Receipt of telecommunications services 9,218 (*) -1,618 8,449 (*) -2,095 Corporate Commercial Rebilling of cancellation costs 1,500 0 0 704 0 99 Ferrovial Group companies Commercial Receipt of hotel and catering services 3 (*) -1 5 (*) -1 Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of maintenance and waste collection services 55 4 15 26 0 22 Acerinox Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of waste collection services (-) (-) (-) -1 0 0 Indra Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of maintenance services 535 49 297 (-) (-) (-) Corporate Commercial Receipt of IT services 2,266 (*) -156 (-) (-) (-) Ferrovial Servicios, S.A. / subsidiaries Commercial Receipt of IT services 343 (*) -266 (-) (-) (-) Cintra Commercial Receipt of IT services 114 (*) -5 (-) (-) (-) Ferrovial Agromán / subsidiaries Commercial Fire prevention systems 6 (*) -44 (-) (-) (-) Holcim Ferrovial Agromán / subsidiaries Commercial Purchase of cement 539 (*) -278 1 (*) 0 Bankia Ferrovial Group companies Commercial Provision of financial services 13,334 (*) 0 7,078 (*) 0 Ferrovial Group companies Commercial Financing agreements. Guarantee 297,900 (*) 0 301,200 (*) 0 Ferrovial Group companies Commercial Interest paid 266 266 0 731 731 0 Ferrovial Group companies Commercial Payment of interest 6,163 (*) 0 5,511 (*) 0 Balance drawn down against guarantee Ferrovial Group companies Commercial 227,800 (*) 227,800 268,600 (*) 268,600 facilities Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of maintenance services 14 2 1 (-) (-) (-) Fundación Seres Corporate Commercial Donation 18 (*) 0 6 (*) 0 La Rioja Alta Ferrovial Servicios, S.A. / subsidiaries Commercial Receipt of food services 1 (*) 0 1 (*) 0 Panda Security Ferrovial Agromán / subsidiaries Commercial Receipt of IT services 4 (*) 0 (-) (-) (-) Zurich Insurance Ferrovial Group companies Commercial Arrangement of insurance policies 566 (*) 0 216 (*) -3 Ferrovial Servicios, S.A. / subsidiaries Commercial Lease of offices 448 (*) -28 (-) (-) (-) Ferrovial Servicios, S.A. / subsidiaries Commercial Provision of maintenance services 4 1 5 2-2 0 La Rioja Alta Ferrovial Servicios, S.A. / subsidiaries Commercial Receipt of food services 1 (*) 0 1 (*) 0 (*) No profit or loss is stated as the relevant amount pertains to the entity or person providing the service. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-80

The information on remuneration and loans to directors and senior executives may be consulted in Note 29. c) Intra-Group transactions Set forth below is information on transactions between Ferrovial, S.A. companies which, in any case forming part of their ordinary businesses as regards purpose and conditions, were not eliminated on consolidation for the following reason. As explained in detail in Note 2.4., the balances and transactions relating to construction work performed by the Construction Division for the Group's infrastructure concession operators are not eliminated on consolidation since, at consolidated level, contracts of this type are classed as construction contracts in which the work -to the extent that it is completed- is deemed to be performed for third parties, as the ultimate owner of the work is the grantor both from a financial and legal viewpoint. In 2013 Ferrovial s Construction Division billed those concession operators for EUR 782,347 thousand (EUR 717,361 thousand in 2012) for work performed and related advance payments and, in this respect, recognised sales totalling EUR 819,530 thousand (EUR 617,106 thousand in 2012). In 2013 the profit from these transactions attributable to Ferrovial, S.A. s holdings in the concession operators in question and not eliminated on consolidation, net of taxes and non-controlling interests, was EUR 40,224 thousand. In 2012 it was EUR 24,700 thousand. 32. Directors ownership interests in and positions or functions at companies engaging in an activity that is identical, similar or complementary to the company object of Ferrovial Article 229 of the Spanish Limited Liability Companies Law requires the directors to notify the Company of the following information: - Any conflicts of interest that they may have with the Company. - Any ownership interests they may have in the share capital of a company engaging in an activity that is identical, similar or complementary to the Company s object. - Any positions held or functions discharged at such companies. In accordance with paragraph 3 of the aforementioned Article 229, this information is to be included in the notes to the financial statements. Furthermore, Article 230 of the Spanish Limited Liability Companies Law establishes that directors may not engage, as independent professionals or as employees, in activities that are identical, similar or complementary to the activity that constitutes the Company's object, except in the event of receiving express authorisation to do so from the Company, through a resolution by the General Meeting, which shall require notice to be given as required under Article 229 of the law. In this regard, the information furnished to the Company by those persons who served on the Board of Directors of Ferrovial, S.A. in 2013 is as follows: Conflicts of interest: No conflicts, direct or indirect, were disclosed vis-à-vis the Company's interests, without prejudice to the agreements relating to the appointment or re-appointment of each of the directors, to the renewal of positions and to the remuneration of the executive directors. Ownership interests in share capital: The directors do not have any ownership interests in the share capital of companies as provided for in Article 229 of the Spanish Limited Liability Companies Law. Positions or functions: For information purposes, the positions held by Ferrovial directors at Group subsidiaries are as follows: Joaquín Ayuso García: Chairman of the Board of Directors of Autopista del Sol, S.A. Iñigo Meirás Amusco: Chairman of the Board of Directors of Ferrovial Agromán, S.A., Ferrovial Aeropuertos, S.A., Cintra Infraestructuras, S.A., Ferrovial Servicios, S.A. and Ferrovial Fisa, S.L.; Chairman and CEO of Finecofer, S.L. 33. Fees paid to auditors Pursuant to Spanish Audit Law 12/2010, of 30 June, following is a disclosure of the total fees relating to the audit services and Ferrovial, S.A. Consolidated financial statements at 31 December 2013-81

other consultancy services provided by the auditors of the 2013 and 2012 financial statements of the Group companies, including both the principal auditor of Ferrovial S.A. and the other auditors of all its investees, both in Spain and abroad. Fees for Audit Services includes the following items: - Audit Services relates to statutory audit services in the true sense of the term. - Audit-Related Services relates to services other than statutory audit which by law or by regulation can only be provided by the Company's auditor, for example the review of financial information in bond issues. - Other Attest Services includes services that because of their nature are normally performed by the Company's auditor, for example the review of tax returns. The total of Other Consultancy Services provided by the principal auditor represented 7% of the total fees for audit services in 2013. Millions of euros 2013 2012 Fees for audit services 4.3 4.1 Principal auditor 4.3 3.4 Audit services 3.6 2.6 Audit-related services 0.2 0.5 Other attest services 0.5 0.3 Other auditors 0.0 0.7 Audit services 0.0 0.7 Audit-related services 0.0 0.0 Other attest services 0.0 0.0 Other consultancy services 0.3 0.8 Principal auditor 0.3 0.6 Other auditors 0.0 0.2 34. Events after the reporting period In January 2014 the UK Civil Aviation Authority (CAA) published its final decision on economic regulation at Heathrow for the next five years, reducing airport charges by an amount in line with inflation (Retail Price Index), i.e. -1.5%. This reduction will entail a fall in income per passenger in real terms from GBP 20.71 in 2013/14 to GBP 19.10 in 2018/19. 35. Appendix I Appendix I contains a list of Group companies, making a distinction between fully consolidated companies and companies accounted for using the equity method. The net cost of the ownership interest presented relates to that recognised at the individual company which holds the direct ownership interest in each subsidiary. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-82

APPENDIX I Ferrovial, S.A. and Subsidiaries SUBSIDIARIES (fully consolidated companies) Individual information CORPORATE Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Ferrovial, S.A. (a) Deloitte Príncipe de Vergara, 135, 28002, Madrid Can-Am, S.A. (Sole-Shareholder Company) (a) Ferrovial, S.A. 100.0% 2 Spain Príncipe de Vergara, 135, 28002, Madrid Ferrovial Inversiones, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid Ferrofin, S.L. (a) Deloitte Ferrovial, S.A. (iii) 100.0% 1,481 Spain Príncipe de Vergara, 135, 28002, Madrid Betonial, S.A. (a) Ferrovial, S.A. (i) 100.0% 32 Spain Príncipe de Vergara, 135, 28002, Madrid Burety, S.L. (a) Ferrovial, S.A. (i) 100.0% 9 Spain Príncipe de Vergara, 135, 28002, Madrid Frin Gold, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid Inversiones Trenza, S.A. (a) Ferrovial, S.A. (i) 100.0% 1 Spain Príncipe de Vergara, 135, 28002, Madrid Promotora Ibérica de Negocios, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid Remtecolex, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid Triconitex, S.L. (a) Ferrovial, S.A. (i) 100.0% 6 Spain Príncipe de Vergara, 135, 28002, Madrid Finecofer, S.L. (a) Deloitte. Ferrovial, S.A. (i) 100.0% 2,138 Spain Príncipe de Vergara, 135, 28002, Madrid Ferrovial Emisiones, S.A. (a) Deloitte Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid Ferrovial Corporación, S.A. (a) Deloitte Ferrovial, S.A. (i) 100.0% 5 Spain Príncipe de Vergara, 135, 28002, Madrid Ferrovial Telecomunicaciones, S.A. (a) Ferrovial, S.A. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid UNITED KINGDOM Ferrocorp UK BDO Ferrovial, S.A. 100.0% 1 UK Edmund Halley Road, Oxford OX4 4DQ IRELAND Alkes Reinsurance Limited Deloitte Ferrovial, S.A. 100.0% 3 Ireland 13-17 Dawson Street, Dublin 2 CONSTRUCTION Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Ferrovial Agromán, S.A. (a) Deloitte Finecofer, S.L. (i) Spain Ribera del Loira, 42, 28042, Madrid Ferrovial Conservación, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 99.0% 20 Spain Ribera del Loira, 42, 28042, Madrid Aplicación de Recursos Naturales, S.A. (a) Ferrovial Agromán, S.A. (i) 100.0% 1 Spain Ribera del Loira, 42, 28042, Madrid Discota XXI, S.L. (Sole-Shareholder Company) (a) Deloitte Ferrovial Agromán, S.A. 100.0% 98 Spain Príncipe de Vergara, 135, 28002 Madrid Encofrados Deslizantes y Técnicas Especiales, S.A. (a) Ferrovial Agromán, S.A. (i) 99.1% 2 Spain Ribera del Loira, 42, 28042, Madrid Cadagua, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 81 Spain Gran Vía 45, 48011 Bilbao/Vizcaya Compañía de Obras Castillejos, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 8 Spain Ribera del Loira, 42, 28042, Madrid Ditecpesa, S.A. (a) Deloitte Ferrovial Agromán, S.A. (i) 100.0% 1 Spain Ribera del Loira, 42, 28042, Madrid Norvarem, S.A.U. (a) BDO Ferrovial Agromán, S.A. 100.0% 65 Spain Príncipe de Vergara, 135, 28002 Madrid Técnicas del Pretensado y Servicios Auxiliares, S.A. Deloitte Encofrados Deslizantes y Técnicas Especiales, S.A. (i) 100.0% 3 Spain Ribera del Loira, 42, 28042, Madrid (a) Concesionaria de Prisiones Lledoners, S.A. (a) Deloitte Ferrovial Agromán, S.A. 100.0% 16 Spain Santaló 10, 08021 Barcelona Urbaoeste, S.A. (a) Ferrovial Agromán, S.A. (i) 99.0% 8 Spain Ribera del Loira, 42, 28042, Madrid Concesionaria de Prisiones Figueras, S.A.U. (a) Deloitte Ferrovial Agromán, S.A. 100.0% 11 Spain Provenza 392, 08025 Barcelona Ferrovial Railway, S.A. (a) Ferrovial Agromán, S.A. (ii) 98.8% 0 Spain Ribera del Loira, 42, 28042, Madrid Ferrovial Railway, S.A. (a) Técnicas del Pretensado y Servicios Auxiliares, S.L. 1.2% Spain Ribera del Loira, 42, 28042, Madrid Ferrovial Medio Ambiente y Energía, S.A. (a) Ferrovial Agromán, S.A. (i) 99.0% 0 Spain Ribera del Loira, 42, 28042, Madrid Autovía de Aragón, Sociedad Concesionaria, S.A. Deloitte Ferrovial Agromán, S.A y Ferroser Infraestructuras 25.0% 5 Spain Príncipe de Vergara, 135, 28002 Madrid MEXICO Cadagua Ferrovial Industrial México Cadagua, S.A. 75.1% 0 Mexico Cataratas 3, 1 Jardín Del Pedreg, 01900, Mexico City Cadagua Ferrovial Industrial México Ferrovial Medio Ambiente y Energía, S.A. 24.9% 0 Mexico Cataratas 3, 1 Jardín Del Pedreg, 01900, Mexico City INDIA Cadagua Ferrovial India Pr Ltd. (a) Cadagua, S.A. 95.0% 0 India 214, Vigyapan Lok Apartments, 110091, New Delhi Cadagua Ferrovial India Pr Ltd. (a) Ferrovial Medio Ambiente y Energía, S.A. 5.0% 0 India 214, Vigyapan Lok Apartments, 110091, New Delhi PUERTO RICO Ferrovial Agroman, LLC BDO Compañía de Obras Castillejos, S.A. 100.0% 0 Puerto Rico Ponce De Leon Ave, 711 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-83

POLAND Tecpresa Techniniki Sprezan Deloitte Polska Sp. z o.o. Sp. k. Técnicas del Pretensado y Servicios Auxiliares, S.L. 70.0% 0 Poland 01-040 Warsaw ul. Stawki 40 Tecpresa Techniniki Sprezan Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 30.0% 0 Poland 01-040 Warsaw ul. Stawki 40 SPV-BN 1 Sp. z o.o. Budimex Nieruchomości Sp. z o.o. 100.0% 0 Poland ul. Racławicka 99 1B/32, 02-634 Warsaw SPV-BN 2 Sp. z o.o. Budimex Nieruchomości Sp. z o.o. 100.0% 0 Poland ul. Racławicka 99 1B/32, 02-634 Warsaw Mostostal Kraków, S.A. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 100.0% 3 Poland 31-752 Kraków ul. Mrozowa 5 Elektromontaż Warszawa, S.A. Morison Finansista Audit sp. z o.o. Elektromontaż Poznań, S.A. 50.7% 0 Poland ul. Bagno 2/231 00-112 Warsaw Elektromontaż Import Sp. z o.o. Elektromontaż Poznań, S.A. 50.7% 0 Poland ul. Wieruszowska 12/16 60-166 Poznań Elektromontaż Poznań, S.A. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 50.7% 0 Poland ul. Wieruszowska 12/16 60-166 Poznań Instal Polska Sp. z o.o. Elektromontaż Poznań, S.A. 50.7% 0 Poland ul. Wieruszowska 12/16 60-166 Poznań Tecpresa Sp. z o.o. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 30.0% 0 Poland 01-040 Warsaw ul. Stawki 40 Budimex, S.A. Deloitte Valivala Holding, B.V. 59.1% 98 Poland 01-040 Warsaw ul. Stawki 40 Budimex Kolejnictwo, S.A. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 100.0% 2 Poland ul. Stawki 40, 01-040 Warsaw Budimex Parking Wrocław Sp. z o.o. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 100.0% 1 Poland ul. Stawki 40, 01-040 Warsaw Budimex B Sp. z o.o. Budimex, S.A. 100.0% 0 Poland ul. Stawki 40, 01-040 Warsaw Budimex Nieruchomości Sp. z o.o. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 100.0% 157 Poland 01-040 Warsaw ul. Stawki 40 Budimex Budownictwo Sp. z o.o. Deloitte Polska Sp. z o.o. Sp. k. Budimex, S.A. 100.0% 0 Poland ul. Stawki 40, 01-040 Warsaw CHILE Constructora Agromán Ferrovial Limitada Ferrovial Agromán Chile, S.A. 97.2% 0 Chile Avda San Andrés Bello 2711 Constructora Agromán Ferrovial Limitada Ferrovial Agromán, S.A. 2.8% 0 Chile Avda San Andrés Bello 2711 Ferrovial Agromán Chile, S.A. (a) Ferrovial Agromán Empresa Constructora Ltda. 100.0% 10 Chile C/ Mac Iver, 225, Dpto 20101, Santiago de Chile Ferrovial Agromán Empresa Constructora Ltda. Ferrovial Agromán, S.A. 100.0% 0 Chile Avda San Andrés Bello 2711 CANADA Ferrovial Agromán Canada, Inc. Deloitte Constco Holdings B.V. 100.0% 0 Canada 100 King St West 41st Floor NETHERLANDS Constco Holdings B.V. Ferrovial Agromán, S.A. 100.0% 3 Netherlands Naritaweg 165, 1043 BW Amsterdam Valivala Holdings, B.V. Discota XII, S.L. 100.0% 99 Netherlands Naritaweg 165, 1043 BW Amsterdam UNITED STATES Webber Management Group, LLC Deloitte Norvarem, S.A.U. 100.0% 41 US 9303 New Trails Drive, Suite 200, The Woodlands, TX 77381 Southern Crushed Concrete, LLC Deloitte Norvarem, S.A.U. 100.0% 88 US 9303 New Trails Drive, Suite 200, The Woodlands, TX 77381 Indiana Toll-Roads Contractors, LLC Deloitte Ferrovial Agromán Indiana, LLC 75.0% 0 US 9600 Great Hills Trail, Suite 200E, Austin, TX 78759 Ferrovial Agromán Texas, LLC Deloitte Ferrovial Agromán US Corp. 100.0% 0 US 9600 Great Hills Trail, Suite 200E, Austin, TX 78759 Ferrovial Agromán 56, LLC Deloitte Ferrovial Agromán Texas, LLC 100.0% 0 US 9600 Great Hills Trail, Suite 200E, Austin, TX 78759 Central Texas Highway Constructors, LLC Deloitte Ferrovial Agromán 56, LLC 50.0% 0 US 9600 Great Hills Trail, Suite 200E, Austin, TX 78759 Webber, LLC Deloitte Ferrovial US Construction Corp. 100.0% 62 US 9303 New Trails Drive, Suite 200, The Woodlands, TX 77381 Webber Barrier Services, LLC Deloitte Webber, LLC 100.0% 5 US 9303 New Trails Drive, Suite 200, The Woodlands, TX 77381 Bluebonnet Contractors, LLC Deloitte Ferrovial Agromán Texas, LLC 60.0% 0 US 6851 N.E. Loop 820, Suite 102, North Richard Hills, TX 76180 Bluebonnet Contractors, LLC Deloitte DBW Construction, LLC 40.0% 0 US 6851 N.E. Loop 820, Suite 102, North Richard Hills, TX 76180 Trinity Infrastructure, LLC Deloitte Ferrovial Agromán Texas, LLC 60.0% 0 US 5520 LBJ Freeway, Suite 150, Dallas, TX 75240 Trinity Infrastructure, LLC Deloitte DBW Construction, LLC 40.0% 0 US 5520 LBJ Freeway, Suite 150, Dallas, TX 75240 DBW Construction, LLC Deloitte Webber, LLC 100.0% 0 US 9303 New Trails Drive, Suite 200, The Woodlands, TX 77381 Ferrovial Agromán Indiana, LLC Deloitte Ferrovial Agromán US Corp. 100.0% 0 US 9600 Great Hills Trail, Suite 200E, Austin, TX 78759 US 460 Mobility Partners, LLC Deloitte Ferrovial Agromán Southeast, LLC 70.0% 0 US 7025 Harbour View Boulevard, Suite 18, Suffolk, VA 23435 Ferrovial Agromán US Corp. Deloitte Ferrovial US Construction Corp. 100.0% 80 US 9600 Great Hills Trail, Suite 200 E A, Texas Central Texas Mobility Constructors, LLC Webber, LLC 55.0% 0 US 8200 Cameron Road, Suite C-150, Austin, TX 78754 North Tarrant Infrastructure, LLC Deloitte Ferrovial Agromán Texas, LLC 75.0% 0 US 4282 North Freeway, Fort Worth, TX 76137 North Tarrant Infrastructure, LLC Deloitte DBW Construction, LLC 25.0% 0 US 4282 North Freeway, Fort Worth, TX 76137 Ferrovial Agromán Southeast, LLC Deloitte Ferrovial Agromán US Corp. 100.0% 0 US 1230 Peachtree Street NE, Suite 1921, Atlanta, GA 30309 Ferrovial US Construction Corp. Deloitte Ferrovial Holding US Corp. 100.0% 189 US Orange Street 1209, Wilmington-Newcastle IRELAND Ferrovial Agromán Ireland (a) Deloitte Ferrovial Agromán Holding UK 100.0% 0 Ireland Damastown Road (Plato Business Park), 15, Mulhuddart Ferrovial Agromán Ireland, Ltd. (2) (a) Deloitte Ferrovial Agromán, Ltd. Holding UK 100.0% 0 Ireland Monastery Road, Clondalkin NORTHERN IRELAND Ferrovial Agromán Northern Ireland, Ltd. Deloitte Ferrovial Agromán Ireland, Ltd. 100.0% 0 Northern N1 Road Carrickcarnan, County Louth, Ireland Ireland UNITED KINGDOM Ferrovial Agromán United Kingdom, Ltd. Deloitte Ferrovial Agromán Holding UK 100.0% 18 UK 1st Floor Raynham House, Capital Park West, Ferrovial Agromán, Ltd. Holding United Kingdom Deloitte Ferrovial Agromán, S.A. 100.0% 20 UK 389 Chiswick High Road, London, UK Cadagua Al Ghubrah Cadagua, S.A. 100.0% 0 UK 389 Chiswick High Road, London, UK GERMANY Budimex Bau, GmbH Budimex, S.A. 100.0% 0 Germany Pferdmengestrasse 5, 50968 Cologne AUSTRALIA AND NEW ZEALAND Ferrovial Agromán New Zealand Limited Ferrovial Agromán Australia, Pty Ltd. 100.0% 0 Australia Duncan Cotterill, 6011 Wellington, New Zealand Ferrovial Agromán Australia, Pty Ltd. Ferrovial Agromán Holding UK 100.0% 7 Australia Level 12 95 Pitt Street, Sydney, NSW 2000 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-84

BRAZIL Ferrovial Agromán, Ltda. Brazil (a) Ferrovial Agromán, S.A. 99.0% 0 Brazil Av. Paulista 107, Bela Vista, São Paulo, Brazil AIRPORTS Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Ferrovial Aeropuertos, S.A. (a) Deloitte Finecofer, S.L. (i) 100.0% 0 Spain Príncipe de Vergara, 135, 28002, Madrid CHILE Aeropuerto Cerro Moreno Sociedad Concesionaria, Price Waterhouse Coopers Ferrovial Aeropuertos, S.A. 100% 0 Chile Avda. Andrés Bello 2711, Las Condes, Santiago S.A. NETHERLANDS Aeroco Netherlands B.V. Deloitte Ferrovial Aeropuertos, S.A. 100.0% 0 Netherlands Naritaweg 165, 1043 BW Amsterdam, the Netherlands Hubco Netherlands, B.V. Deloitte Ferrovial Aeropuertos, S.A. 100.0% 1,588 Netherlands Naritaweg 165, 1043 BW Amsterdam, the Netherlands Faero Latam, B.V. Deloitte Ferrovial Aeropuertos, S.A. 100.0% 0 Netherlands Naritaweg 165, 1043 BW Amsterdam, the Netherlands TOLL ROADS Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Cintra Infraestructuras, S.A. (a) Deloitte Ferrovial, S.A. (i) 100.0% 1,922 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Autopista del Sol, C.E.S.A. (a) Deloitte Cintra Infraestructuras, S.A. 80.0% 84 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Cintra Inversora Autopistas de Cataluña, S.A. (a) Deloitte Cintra Infraestructuras, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Inversora Autopistas de Cataluña, S.A. (a) Deloitte Cintra Inversora Autopistas de Cataluña, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Autopista Terrasa Manresa, S.A. (a) Deloitte Inversora Autopistas de Cataluña, S.A. 76.3% 445 Spain Autopista C - 16 Km. 41 Castellbell i El Vilar, 08296, Barcelona Cintra Inversiones, S.L. (a) Deloitte Cintra Infraestructuras, S.A. 100.0% 320 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Cintra Servicios de Infraestructura, S.A. (a) Deloitte Cintra Infraestructuras, S.A. 100.0% 21 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Inversora de Autopistas del Sur, S.L. (c) Deloitte Cintra Infraestructuras, S.A. 55.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Autopista Madrid Sur C.E.S.A. (c) Deloitte Inversora de Autopistas del Sur, S.L. 100.0% 504 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Inversora de Autopistas del Levante, S.L. (d) Deloitte Cintra Infraestructuras, S.A. 51.8% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Autopista Madrid Levante, C.E.S.A. (d) Deloitte Inversora de Autopistas del Levante, S.L. 100.0% 451 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Lacértida, S.L. (a) Deloitte Cintra Infraestructuras, S.A. 100.0% 1,126 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid Cintra Autopistas Integradas, S.A. (a) Cintra Infraestructuras, S.A. 100.0% 0 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid M-203 Alcalá-O'Donnell (a) Deloitte Cintra Autopistas Integradas, S.A. 100.0% 59 Spain Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid PORTUGAL Euroscut Norte Litoral, S.A. Deloitte Cintra Infraestructuras, S.A. 75.5% 57 Portugal Rua de Agra Nova 704, 4485-040 Aveleda - Vila do Conde Euroscut -Sociedade Concessionaria da Scut do Deloitte Cintra Infraestructuras, S.A. 77.0% 20 Portugal Sítio da Franqueada, Apartado 1087, P8101-1904 Loulé Algarve, S.A. Euroscut Azores, S.A. Deloitte Cintra Infraestructuras, S.A. 89.0% 0 Portugal Rua Hintze Ribeiro, 39, 1º andar, 9500-049 Ponta Delgada, the Azores Via Livre, S.A. Deloitte Cintra Infraestructuras, S.A. 84.0% 0 Portugal Rua de Agra Nova 704, 4485-040 Aveleda - Vila do Conde NETHERLANDS Algarve International B.V. Deloitte Cintra Infraestructuras, S.A. 77.0% 0 Netherlands Naritaweg 165, 1043 BW Amsterdam 407 Toronto Highway B.V. Cintra Infraestructuras, S.A. 100.0% 369 Netherlands Naritaweg 165, 1043 BW Amsterdam POLAND Autostrada Poludnie, S.A. Deloitte Cintra Infraestructuras, S.A. 93.6% 0 Poland Stawki 40, 01-040 Warsaw CANADA 4352238 Cintra Canada Inc. Deloitte 407 Toronto Highway B.V. 100.0% 0 Canada 6600-100 King St W First Canadian Place Toronto, Ontario, M5X 1B8 IRELAND Eurolink Motorway Operation (M4-M6), Ltd. Deloitte Cintra Infraestructuras, S.A. 66.0% 3 Ireland Toll Plaza Cappagh Nicholastown, Co. Kildare Financinfrastructures Deloitte Cintra Infraestructuras, S.A. 100.0% 58 Ireland Toll Plaza Cappagh Nicholastown, Co. Kildare Cinsac, Ltd. Deloitte Cintra Infraestructuras, S.A. 100.0% 0 Ireland Administration Building Blackbull Toll Plaza, Quarryland, Dunboyne Co. Meath Eurolink Motorway Operation (M3), Ltd. Deloitte Cinsac, Ltd. 95.0% 6 Ireland Administration Building Blackbull Toll Plaza, Quarryland, Dunboyne Co. Meath UNITED STATES Ferrovial Holding US Corp. Laertida, S.L. (a) 100.0% 409 US 1209 Orange Street, Wilmington, Delaware 19801 Cintra Holding US Corp. Ferrovial Holding US Corp. 100.0% 239 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 Cintra Texas Corp. Cintra Holding US Corp. 100.0% 2 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 Cintra US Services, LLC Cintra Texas Corp. 100.0% 0 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 Cintra Skyway LLC Cintra Holding US Corp. 100.0% 184 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601 SCC Holdings LLC Deloitte Cintra Skyway LLC 55.0% 184 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601 Skyway Concession Co. LLC Deloitte SCC Holding LLC 100.0% 406 US 233 North Michigan Avenue, Suite 1980, Chicago, Illinois 60601 Cintra ITR LLC Cintra Holding US Corp./Cintra Texas Corp. Between 1% and 49% 0 US 52551 Ash Road, Granger, Indiana 46530 Ferrovial, S.A. Consolidated financial statements at 31 December 2013-85

Cintra Texas 56, LLC Cintra Holding US Corp. 100.0% 42 US 10800 N US 183 Hwy NB, Buda, 78610, Texas SH-130 Concession Company, LLC Deloitte Cintra Texas 56, LLC 65.0% 161 US 10800 N US 183 Hwy NB, Buda, 78610, Texas Cintra LBJ, LLC Cintra Holding US Corp. 100.0% 199 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 LBJ Infrastructure Group Holding, LLC Cintra LBJ, LLC 51.0% 199 US 4545 LBJ Freeway, Dallas, 75244 Texas LBJ Infrastructure Group Deloitte LBJ Infrastructure Group Holding, LLC 100.0% 389 US 4545 LBJ Freeway, Dallas, 75244 Texas Cintra NTE, LLC Cintra Holding US Corp. 100.0% 142 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 NTE Mobility Partners Holding, LLC Cintra NTE, LLC 56.7% 142 US 9001 Airport Freeway, Suite 600, North Richland Hills, 76180 Texas NTE Mobility Partners, LLC Deloitte NTE Mobility Partners Holding, LLC 100.0% 253 US 9001 Airport Freeway, Suite 600, North Richland Hills, 76180 Texas NTE Mobility Partners Segment 2-4 LLC Cintra NTE, LLC 75.0% 0 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 Cintra NTE Mobility Partners Seg 3, LLC Cintra Holding US Corp. 100.0% 12 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 NTE Mobility Partners Seg 3 Holding, LLC Cintra NTE Mobility Partners Seg 3, LLC 50.1% 12 US 9001 Airport Freeway, Suite 600, North Richland Hills, 76180 Texas NTE Mobility Partners Seg 3, LLC Deloitte NTE Mobility Partners Seg 3 Holding, LLC 100.0% 25 US 9001 Airport Freeway, Suite 600, North Richland Hills, 76180 Texas Cintra Toll Services, LLC Cintra Holding US Corp. 100.0% 0 US 9600 Great Hills Trail, Suite 250E, Austin, Texas 78759 AUSTRALIA Cintra Developments Australia, Pty Ltd. Cintra UK 100.0% 0 Australia Level 5, 95 Pitt Street, NSW, 2000, Sydney COLOMBIA Cintra Colombia Cintra Infraestructuras, S.A. 100.0% 0 Colombia AK7 71 52 IN 1 OF 504, Bogotá UNITED KINGDOM Cintra UK Cintra Infraestructuras, S.A. 100.0% 0 UK 1 Edmund Halley Road, OX4 4GB, Oxford SERVICES Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Ferrovial Servicios, S.A. (a) Deloitte Ferrovial, S.A. (i) 99.90% 572,475 Spain Príncipe de Vergara, 135. Madrid Ferroser Servicios Auxiliares, S.A. (a) Deloitte Ferrovial Servicios, S.A. (i) 99.90% 9,778 Spain Príncipe de Vergara, 135. Madrid Ferroser Infraestructuras, S.A. (a) Deloitte Ferrovial Servicios, S.A. 100.00% 18,497 Spain Príncipe de Vergara, 135. Madrid Viales de Castilla y León, S.A. (a) Deloitte Ferroser Infraestructuras, S.A. 100.00% 259 Spain Polígono Industrial Herverencias, fase 4, parcela 2, Ávila Andaluza de Señalizaciones, S.A. (a) Deloitte Ferroser Infraestructuras, S.A. 100.00% 627 Spain San Cristóbal, 16, Antequera (Málaga) Autovía de Aragón Sociedad Concesionaria, Deloitte Ferroser Infraestructuras, S.A. 60.00% 11,324 Spain Príncipe de Vergara, 135. Madrid S.A. (ii) (a) FerroFin, S.L. Deloitte Ferrovial Servicios, S.A. 5.00% 15,000 Spain Príncipe de Vergara, 135. Madrid FerroFin, S.L. Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 0.10% 56 Spain Príncipe de Vergara, 135. Madrid Sitkol, S.A. (a) Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 4,831 Spain Príncipe de Vergara, 135. Madrid (i) Empresa Mixta Almendralejo, S.A. Compañía Española de Servicios Públicos Auxiliares, S.A. 51.00% 132 Spain Mérida, 4. Almendralejo (Badajoz) Gestión Medioambiental de Toledo, S.A. Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 60.00% 7,683 Spain Plaza de la Merced, 4. Toledo Albaida Residuos, S.L. (a) Deloitte Cespa Gestión Residuos, S.A. 100.00% 2,330 Spain Avda. Catedral 6-8. 08002-Barcelona Técnicas Medioambientales Avanzadas, S.L. Albaida Residuos, S.L. 55.00% 220 Spain Playa de las Almadrabillas, 17 Edificio Presidente, Fase B - Almería Tratamiento de Residuos Medioambientales, S.L. Albaida Residuos, S.L. 54.99% -373 Spain Playa de las Almadrabillas, 17 Edificio Presidente, Fase B - Almería Ayora Gestión Biogás, S.L. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 80.00% 448 Spain Rosario, 6 planta 4ª Albacete Ecoparc de Can Mata, S.L. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 11,000 Spain Avda. Catedral 6-8. 08002-Barcelona Cespa Servicios Urbanos de Murcia, S.A. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 10,060 Spain Avda. Catedral 6-8. 08002-Barcelona Compañía Española de Servicios Públicos Deloitte Ferrovial Servicios, S.A. (i) 100.00% 560,901 Spain Avda. Catedral 6-8. 08002-Barcelona Auxiliares, S.A. (a) Cespa Jardinería, S.A. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 6,579 Spain Henao, 20. Bilbao (Vizcaya) Cespa Gestión Residuos, S.A. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 43,354 Spain Avda. Catedral 6-8. 08002-Barcelona Contenedores Reus, S.A. (a) Deloitte Cespa Gestión Residuos, S.A. 75.50% -228 Spain Camí Mas de Can Blasi s/n, Partida Mas Calbó. Reus (Tarragona) Cespa Gestión Tratamientos de Residuos, S.A. Deloitte Cespa Gestión Residuos, S.A. 100.00% 20,603 Spain Avda. Catedral 6-8. 08002-Barcelona (a) Ingeniería Ambiental Granadina, S.A. (a) Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 81.00% 2,606 Spain Plaza de los Campos, 4-1ª planta 18009. Granada Econenergía Can Mata AIE Deloitte Cespa Gestión Residuos, S.A. 70.00% 141 Spain Avda. Catedral 6-8. 08002-Barcelona Econenergía Can Mata AIE Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 30.00% 54 Spain Avda. Catedral 6-8. 08002-Barcelona Tratamientos, Residuos y Energías Valencianas, S.A. Cespa Gestión Residuos, S.A. 55.00% 873 Spain Antonio Suarez, 48 Escalera 1, Entresuelo - Valencia Oñeder, S.A. Deloitte Cespa Gestión Residuos, S.A. 51.61% 1,202 Spain Egino Berri s/n. Azkoitia (Guipúzcoa) SMART Hospital Cantabria, S.A. Ferrovial Servicios, S.A. 85.00% 8,430 Spain Calle La Albericia 7, Santander Ecoparc del Mediterrani, S.A. Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 48.00% 2,517 Avda. Eduard Maristany, s/n. 08930-Sant Adrià del Besós (Barcelona) PORTUGAL Cespa Portugal, S.A. Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 11,813 Portugal Avda. Severiano Falçao, Lote 2. Edificio ambiente. Prior Velho (Loures) Ferrovial Construcoes Gestao e Manutencao, S.A. BDO Ferrovial Servicios, S.A. 100.00% 362 Portugal Av. 24 de Julho. 102-E Lisbon Ferrovial, S.A. Consolidated financial statements at 31 December 2013-86

Citrup, Lda. Deloitte Cespa Portugal, S.A. 70.00% 4 Portugal Lugar do Sendal, Freguesia de Moreira. Maia Novipav Invesstimentos SGES, S.A. BDO Ferroser Infraestructuras, S.A. 100.00% 1,113 Portugal Rua Gil Vicente, lote 33. Quinta do Serpa (Vialonga) Sopovico Soc. Port. Vías de Com-Cons. BDO Novipav SGPS 100.00% 18,580 Portugal Rua Gil Vicente, lote 33. Quinta do Serpa (Vialonga) Infraestructuras UNITED KINGDOM Amey UK plc (a) Deloitte Ferrovial Servicios, S.A. 100.00% 310,753 UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey plc BDO LLP Amey UK plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey plc (c.3) BDO LLP Ferrovial Servicios, S.A. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ TPI Holdings Limited Deloitte Amey OW Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Transportation Planning International Limited Deloitte TPI Holdings Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Airports Ltd. Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Building Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Community Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Construction Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Datel Ltd. Deloitte Amey OW Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Facilities Partners Ltd. BDO Comax Holdings Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Fleet Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Group Information Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Group Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Highways Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Insurance Company PCC Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Investments Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey IT Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey LG Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey LUL 2 Ltd. Deloitte Amey Tube Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Mechanical & Electrical Services Ltd. Deloitte Amey Community Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey OW Group Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey OW Ltd. Deloitte Amey OW Group Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey OWR Ltd. Deloitte Amey OW Group Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey plc (c.3) Deloitte Amey UK plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Programme Management Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Rail Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Railways Holding Ltd. Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Roads (North Lanarkshire) Ltd. BDO LLP Amey LG Ltd. 66.67% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Technology Services Ltd. Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Tramlink Ltd. Amey Technololgy Services, Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Tube Ltd. Deloitte JNP Ventures Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Ventures Asset Holdings Ltd. Deloitte Amey Investments Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Ventures Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Ventures Management Services Ltd. Deloitte Amey Investments Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Wye Valley Ltd. BDO LLP Amey LG Ltd. 80.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Comax Holdings Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ JNP Ventures 2 Ltd. Deloitte Amey Tube Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ JNP Ventures Ltd. Deloitte Amey Ventures Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Sherard Secretariat Services Ltd. Deloitte Amey plc 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Wimco Ltd. Amey Railways Holding Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Public Services LLP BDO LLP Amey LG Ltd. 66.67% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Nationwide Distribution Services Limited BDO LLP Amey LG Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa (MK) ODC Limited AmeyCespa Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa (AWRP) Holding Co. Limited Amey Ventures Asset Holdings Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa (AWRP) SPV Limited AmeyCespa (AWRP) Holding Co. Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Amey Consulting USA, Inc. Amey OW Limited 100.00% - UK Corporation Trust Centre, 1209 Orange St, Wilmington, New Castle,19801, DE, USA Amey Consulting Australia, Pty Limited Amey OW Limited 100.00% - UK 181 William Street, Melbourne, VIC 3000, Australia A.R.M. Services Group Limited Deloitte Enterprise Holding Company No 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Access Hire Services Limited Deloitte Enterprise Managed Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Asset Management Limited Deloitte Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Consulting Services Limited Deloitte Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Environmental Services Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Leasing Limited Deloitte Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Limited Deloitte Enterprise Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Accord Network Management Limited Deloitte Accord Asset Management Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Arkeco Environmental Services Limited Deloitte MRS Environmental Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Ferrovial, S.A. Consolidated financial statements at 31 December 2013-87

Brophy Enterprise Limited Brophy Grounds Maintenance Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Brophy Grounds Maintenance Limited Deloitte Enterprise Public Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Byzak Contractors (Scotland) Limited Byzak Limited 100.00% - UK 2A-E International House, Stanley Boulevard, Hamilton International Technology Park, High Blantyre, Glasgow, G72 0BN Byzak Limited Deloitte Globemile Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX C.F.M. Building Services Limited (registered in Scotland) Deloitte Enterprise Managed Services Limited 100.00% - UK 2A-E International House, Stanley Boulevard, Hamilton International Technology Park, High Blantyre, Glasgow, G72 0BN CCMR Limited Deloitte Enterprise Holding Company No 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Countrywide Property Inspections Limited Deloitte Durley Group Holdings Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX CRW Maintenance Limited Deloitte Enterprise Holding Company No 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Datamerse Limited Durley Group Holdings Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Durley Group Holdings Limited Deloitte Enterprise Holding Company No 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise (AOL) Limited Deloitte Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise (ERS) Limited Deloitte Trinity Group Holdings Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise (Venture Partner) Limited Deloitte Enterprise Holding Company No 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Building Services Limited Deloitte First Claims Response (Manchester) Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Consulting and Solutions Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Foundation (ETR) Limited Enterprise Holding Company No. 1 Ltd (Member only) 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Holding Company No.1 Limited Deloitte Enterprise Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Lighting Services Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Maintenance Services Limited Deloitte First Claims Response (Manchester) Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Managed Services (BPS) Limited Deloitte Enterprise Managed Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Managed Services (E&CS) Limited Deloitte Enterprise Managed Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Managed Services Limited Deloitte Enterprise Utility Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Limited Deloitte Amey plc 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Power Services Limited Deloitte Enterprise Managed Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Public Services Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Security Support Services Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Transport Services Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Utility Services (DCE) Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Utility Services (Holdings) Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Utility Services (TBC) Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Utility Services Limited Deloitte ARM Services Group Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprisekeepmoat Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise-Peterborough Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX First Claims Response (Manchester) Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX First Claims Response Limited Deloitte First Claims Response (Manchester) Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Fleet and Plant Hire Limited Deloitte Enterprise Managed Services Limited 100.00% - UK The Matchworks, Units 3-7, Speke Road, Garston, Liverpool, Merseyside, L19 2PH Globemile Limited Deloitte Enterprise Managed Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Haringey Enterprise Limited Deloitte Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Heating and Building Maintenance Company Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Limited Hillcrest Developments (Yorkshire) Limited Deloitte Durley Group Holdings Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX ICE Developments Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX J J McGinley Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX JDM Accord Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Lancashire Enterprises (Europe) Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX MRS Environmental Services Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX MRS St Albans Limited Deloitte MRS Environmental Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Prism Research Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Rhoburt Street Lighting Limited Enterprise Public Services Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Schofield Lothian Group Limited Accord Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Trinity Group Holdings Limited Deloitte Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX TSG Services Limited Trinity Group Holdings Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX W.M.Y. Consulting Limited Enterprise Holding Company No. 1 Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Zaxco Limited Globemile Limited 100.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX 66/70 South Lambeth Road Management Co. Ice Developments Limited 50.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Limited Enterprise Business Solutions 2000 Limited Deloitte Enterprise Holding Company No. 1 Limited 90.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise Islington Limited Deloitte Accord Limited 99.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise-Liverpool Limited Deloitte Enterprise Public Services Ltd. 80.00% - UK Newton Road, Liverpool, Merseyside L13 3HS Enterprise Manchester Partnership Limited Deloitte Enterprise Managed Services Limited 80.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Newhall Refurbishments Limited In-House Enterprise Holding Company No. 1 Limited 50.00% - UK Bridge Place, Anchor Boulevard, Admirals Park Crossways, Dartford, Kent DA2 6S Slough Enterprise Limited Deloitte Accord Environmental Services Limited 99.00% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Enterprise South Liverpool Academy HBD Accountancy Services Member only (not-for-profit company) - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX Ferrovial, S.A. Consolidated financial statements at 31 December 2013-88

Enterprise Fleet Limited In-House Enterprise Managed Services Limited 54.50% - UK Lancaster House, Centurion Way, Leyland, Lancs, PR26 6TX AmeyCespa, Ltd. BDO LLP Amey LG Ltd. 50.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa, Ltd. BDO LLP Cespa UK, S.A. 50.00% - UK The Sherard Building, Edmund Halley Road, Oxford AmeyCespa (East) Holdings Limited BDO LLP AmeyCespa, Ltd. 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa (East) Limited BDO LLP AmeyCespa (East) Holdings Limited 100.00% 56,426 UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa Services (East) Limited BDO LLP AmeyCespa (East) Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa WM (East) Limited BDO LLP AmeyCespa Services (East) Limited 100.00% 117 UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Allerton Waste Recovery Park Interim SPV BDO LLP AmeyCespa Limited 100.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Limited AmeyCespa (MK) Holding Co. Limited Amey Ventures Asset Holdings Limited 50.00% - UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ AmeyCespa (MK) SPV Limited AmeyCespa (MK) Holding Co. Limited 100.00% 29 UK The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ Cespa Ventures, Ltd. Deloitte Cespa UK, S.A. 100.00% 33 UK The Sherard Building, Edmund Halley Road, Oxford Cespa UK, S.A. Deloitte Compañía Española de Servicios Públicos Auxiliares, S.A. 100.00% 8,035 UK The Sherard Building, Edmund Halley Road, Oxford CHILE Grupisa Chile, S.A. Ferrovial Servicios, S.A. (i) 66.00% - Chile Andrés Bello 2711 P18 Las Condes-Santiago Ferrovial Servicios Chile, S.L. Ferrovial Servicios, S.A. 78.00% 6,039 Chile Andrés Bello 2711 P18 Las Condes-Santiago Ferrovial Servicios Chile, S.L. Ferroser Infraestructuras, S.A. 11.00% 794 Chile Andrés Bello 2711 P18 Las Condes-Santiago Ferrovial Servicios Chile, S.L. Compañía Española de Servicios Públicos Auxiliares, S.A. 11.00% 793 Chile Andrés Bello 2711 P18 Las Condes-Santiago Ferrovial Servicios Salud, S.L. Ferrovial Servicios, S.A. 99.90% 11 Chile Andrés Bello 2711 P18 Las Condes-Santiago Ferrovial Servicios Salud, S.L. Ferroser Infraestructuras, S.A. 0.10% 0 Chile Andrés Bello 2711 P18 Las Condes-Santiago Steel Ingeniería, S.A. Deloitte Ferrovial Servicios Chile, S.L. 100.00% 20,013 Chile Los Aromos 36 Jardines Familiares - Los Andes POLAND FBSerwis, S.A. Deloitte Ferrovial Servicios, S.A. 51.00% 1,875 Poland Ul. Stawki 40, 01-040 Warsaw FBSerwis, S.A. Deloitte Budimex, S.A. 49.00% 1,802 Poland Ul. Stawki 40, 01-040 Warsaw Elektromontaż Poznań, S.A. Budimex, S.A. 50.66% 0 Poland 60-166 Poznań ul. Wieruszowska 12/16 MOROCCO Cespa Nadafa, S.A.R.L. Compañía Española de Servicios Públicos Auxiliares, S.A. 98.76% -1,030 Morocco Siège Social Villa Daryam, Lot 23 Golf, Cap Spartel - Tangiers Cespa Nadafa, S.A.R.L. Cespa Gestión Residuos, S.A. 0.74% -8 Morocco Siège Social Villa Daryam, Lot 23 Golf, Cap Spartel - Tangiers IRELAND Landmille, Ltd. Deloitte Ferrovial Servicios, S.A. 100.00% 521,151 Ireland Eurolink Motorway Toll Plaza, Cappagh, Nicholastown, Kilcock, Co. Kildare COLOMBIA Ferrovial Servicios Colombia, S.A.S. Ferrovial Servicios, S.A. 100.00% 49.95 Colombia Bogotá Ferrovial Servicios Públicos Colombia, S.A.S. ESP Ferrovial Servicios, S.A. 40.00% 1.86 Colombia Bogotá Ferrovial Servicios Públicos Colombia, S.A.S. ESP Compañía Española de Servicios Públicos Auxiliares, S.A. 21.00% 0.98 Colombia Bogotá Ferrovial Servicios Públicos Colombia, S.A.S. ESP Cespa Gestión Residuos, S.A. 21.00% 0.98 Colombia Bogotá Ferrovial Servicios Públicos Colombia, S.A.S. ESP Ferroser Infraestructuras, S.A. 15.00% 0.70 Colombia Bogotá Ferrovial Servicios Públicos Colombia, S.A.S. ESP Ferrovial Servicios Colombia, S.A.S. 3.00% 0.14 Colombia Bogotá REAL ESTATE Company Auditor Parent % of ownership Net cost of ownership interest (millions of euros) Country Registered office SPAIN Grimaldi Invest, S.L. (a) Ferrovial, S.A. (i) 100.0% 14 Spain Naritaweg 165, 1043 BW, Amsterdam Ferrovial FISA, S.L. (a) Ferrovial, S.A. (i) 100.0% 72 Spain Príncipe de Vergara, 135, 28002, Madrid (i) Remaining ownership interest through Canam, S.A.U. (ii) The remaining percentage is owned by Ferrovial Agromán, S.A. (25%) and Ferrovial, S.A. (15%) (iii) The remaining percentage is owned by Ferrovial Agromán (19%), Ferrovial Aeropuertos (13%), Ferrovial Servicios (1%), Ferrovial FISA, S.L. (0.002%), Finecofer (0.004%) and Cespa (0.004%) (a) Belong to tax group of Ferrovial, S.A. and subsidiaries (b) Belong to tax group of Cintra Concesiones de Infraestructuras de Transporte, S.A. (c) Belong to tax group of Inversora de Autopistas del Sur, S.L. (d) Belong to tax group of Inversora de Autopistas de Levante, S.L. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-89

APPENDIX I (continued) ASSOCIATES (companies accounted for using the equity method) (Millions of euros) CONSTRUCTION Company Auditor Parent % of ownership Equityaccounted value Millions of euros Country Assets Liabilities Revenue Profit/Loss Address SPAIN Boremer, S.A. Deloitte Cadagua, S.A. 50.0% 1 Spain 23 20 17-2 Ribera del Loira, 42, 28042, Madrid Investments in associates - Ferrovial Agromán (*) Deloitte Ferrovial Agromán, S.A. between 22% and 50.0% 2 Spain 367 298 34-4 - POLAND Investments in associates - Budimex (*) Budimex, S.A. between 26.0% and 49.0% OMAN 1 Poland 7 6 6-2 - Muscat City Desalination Company SAOC Deloitte Cadagua, S.A. 10.00% 0 Oman 94 93 0 0 P.O. Box 1935, 114, North Ghubrah AIRPORTS Company Auditor Parent % of ownership Equityaccounted value Country Assets Liabilities Revenue Profit/Loss UNITED KINGDOM FGP Topco Limited Deloitte Hubco Netherlands, B.V. 25.00% 1,261 UK 24,081 19,037 3,160 917 The Compass Centre, Nelson Road, Hounslow, Middlesex, TW6 2GW TOLL ROADS Company Auditor Parent % of ownership Equityaccounted value Country Assets Liabilities Revenue Profit/Loss SPAIN Serrano Park, S.A. Deloitte Cintra Infraestructuras, S.A. 50.00% -14 Spain 108 104 5-4 Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid A-334 Autovía del Almanzora Ernst & Cintra Infraestructuras, S.A. 23.75% 1 Spain 7 4 1 0 Carretera de la Esclusa, nº 3, 41011, Seville Young A66 Benavente - Zamora Deloitte Cintra Infraestructuras, S.A. 25.0% 2 Spain 51 41 47 1 Plaza Manuel Gómez Moreno, 2. Edificio Alfredo Mahou, 28020, Madrid CANADA 407 International Inc./407 East Development GGP UNITED STATES Deloitte 4352238 Cintra Canada Inc. 43.23%/50% 2,260 Canada 3,870 5,023 670 246 Operation Center 6300 Steels Avenue West Woodbridge, Ontario L4H 1J1 ITR Concession Company, LLC Deloitte ITR Concession Company Holdings 49.00% 0 US 3,764 3,542 155 0 52551 Ash Road, 46530 Granger, Indiana GREECE Nea Odos, S.A. Deloitte Ferrovial, S.A. 33.33% 0 Greece 448 119 56 0 Nea Odos Themistokleous, 87, 10683 Central Greece Motorway Deloitte Ferrovial, S.A. 33.34% 0 Greece 774 442 8 0 1st Km Lamia, Athens Hellas Tolls, S.A. Ferrovial, S.A. 33.34% 0 Greece 0 1 2 0 13 Sorou Street, Athens Address Address SERVICES Company Auditor Parent SPAIN Concesionaria Madrid Calle 30, S.A. KPMG Empresa de Mantenimiento y Explotación M-30, S.A. % of ownership Equityaccounted value Country Assets Liabilities Revenue Profit/Loss Address 10.00% 10 Spain 548,627 548,627 125,549 56,983 Calle Méndez Alvaro, 95, Madrid Ferrovial, S.A. Consolidated financial statements at 31 December 2013-90

Ingeniería Urbana, S.A. Deloitte Compañía Española de Servicios 35.00% 7 Spain 33,592 33,592 27,754 270 Pol. Ind. Pla de la Vallonga, parcela 92. 03006 Alicante Públicos Auxiliares, S.A. Reciclados y Compostaje Piedra Negra, S.A. Deloitte Cespa Gestión Residuos, S.A. 49.00% 4 Spain 16,387 16,387 6,950 362 Partida El Feliu. Pasaje Piedra Negra s/n. Ctra Nacional 340, Km. 761.75. Xixona (Alicante) Investments in associates - Services (*) between 9.20% and 50.00% 5 Spain 272,956 272,956 62,437 8,775 - PORTUGAL Investments in associates - Compañía Española de Servicios Públicos Auxiliares, S.A. (*) Cespa Portugal, S.A. between 20.00% and 50.00% 1 Portugal 21,560 19,432 2,876-116 - UNITED KINGDOM Investments in associates - Amey (*) 0.33%/50.00% 19 UK 222,090 226,890 244,317 6,436 - QATAR Investments in associates - Ferrovial Servicios (*) Deloitte Ferrovial Servicios, S.A. 49.00% 2 Qatar 35,847 35,847 18,462 3,707 - REAL ESTATE Company Auditor Parent % of ownership Equityaccounted value Country Assets Liabilities Revenue Profit/Loss Address SPAIN Promociones Hábitat (i) Ferrovial FISA, S.A. 20.00% 0 Spain 0 0 0 0 Avenida Diagonal, 458, 08006 Barcelona Total equity-accounted value 3,562 (i) Information on auditor not available (*) Relate to all the investments in associates of the Amey Group, the Budimex Group, Cespa, Ferrovial Agromán and Ferrovial Servicios, and the assets, liabilities, revenue and profit/loss correspond to the total aggregate figures. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-91

36. Explanation added for translation to English These consolidated financial statements are presented on the basis of the regulatory financial reporting framework applicable to the Group (see Note 2.1). Certain accounting practices applied by the Group that conform with that regulatory framework may not conform with other generally accepted accounting principles and rules. Ferrovial, S.A. Consolidated financial statements at 31 December 2013-92

Consolidated financial statements for 2013 and 2012 The foregoing pages contain the consolidated financial statements of FERROVIAL, S.A. -i.e. the consolidated statement of financial position, consolidated income statement, consolidated statement of changes in equity, consolidated statement of cash flows and notes to the consolidated financial statements- for the year ended 31 December 2013, which were authorised for issue by the Company's Board of Directors at the meeting held in Madrid on 25 February 2014 and which, pursuant to Article 253 of the Spanish Limited Liability Companies Law, are signed below by all the directors who attended the meeting. Rafael del Pino y Calvo-Sotelo Chairman Santiago Bergareche Busquet Deputy Chairman Joaquín Ayuso García Deputy Chairman Íñigo Meirás Amusco CEO Jaime Carvajal Urquijo Director Leopoldo del Pino y Calvo-Sotelo Director for Portman Baela, S.L. Juan Arena de la Mora Director Gabriele Burgio Director María del Pino y Calvo-Sotelo Director Santiago Fernández Valbuena Director José Fernando Sánchez-Junco Mans Director Joaquín del Pino y Calvo-Sotelo Director for Karlovy, S.L. Certificate issued by the Secretary of the Board of Directors attesting that Santiago Fernández Valbuena did not sign this document due to absence for unavoidable professional obligations and that he appointed the Chairman of the Board of Directors as his proxy. Santiago Ortiz Vaamonde Secretary of the Board of Directors Ferrovial, S.A. Consolidated financial statements at 31 December 2013